May 2, 2011

SILVER - Week Day and Hour chart

  • Hour chart is struggling to close above 200 hour moving average. Once price sustains above 200 hour moving average Bulls will start to push prices up again.
  • For day trend to change price should sustain below 20 day moving average. Price did violate this level once But could not sustain below 20 DMA. So For bears they should try to break 20 DMA.
  • Week is safely sailing above the longterm Bullish trend line.

ES Trend line violated

  • ES Hour has violated the trend line.
  • But price has to stay below 50 hour moving average for bigger correction to happen.
  • Bull trend will sustain above 50 hour moving average.

EURUSD Near the top of the range

  • EURUSD Hour is trading in a range and Price is near the top of the range.
  • Second chart shows developing negative divergence which might prevent price from breaking out of  the range.
  • Range is between 1.4762 - 1.4882. Bigger movements will be possible once this range gets resolved.

S&P 500 Futures before opening bell

  • ES 15 Minutes chart shows Today's up move getting corrected.
  • Fibonacci levels for the correction is shown in 15 minutes chart.
  • Hour chart shows price moving up above the trend line. Bulls will be safe as long as price stays above the trend lines.
  • BIDU - PIN BAR Reversal pattern

Nifty 5 Minutes with a falling wedge

  • Falling wedge shows some hope for the intraday bull.
  • For bears this pattern should fail the support line should give a breakdown.
  • Lets wait and see who wins.

NIFTY Intraday Update

  • Nifty spot four hour time frame.
  • Price is trading near the bottom of the range. Range is between 5690 - 5945.
  • If price forms Doji formations here we may see nifty take support and give an up move.
  • Day closing below 5693 will favor bears for bigger corrections.

STATE BANK OF INDIA Support and Resistance lines

  • SBI has broken the support line and is testing the 50 day moving average. Breaking 50 dma and closing the day below it can extend the correction.
  • In the previous post of SBIN We Discussed about the Resistance line of SBI Price gave a correction after hitting that Resistance line.
  • Now price is beck near the support line and closed just below 20 Day moving average. If these two levels hold hen we may see a bounce in SBI.
  • Short term will be negative only if 50 DMA Gets broken.