May 25, 2011

CRUDE OIL Chart analysis

  • Crude Oil has given a breakout from a triangle like consolidation  pattern.
  • Resistance for Crude oil is at 104.50 level.
  • Price sustaining above 101.40 can take it to 104.50 level.

ES Moving down in a channel

  • ES  Hour chart is moving down in a channel formation.
  • Price is getting resisted at 50 Hour moving average.
  • Up move will face resistance around 1322 level.
  • Fall was arrested near 1302 area. This level will act as short term support.

Nifty Daily Analysis

  • Nifty is forming a consolidation pattern in daily chart. 
  • Staying above 5343 - 5348 on closing basis will favor bulls. Closing below this level will favor bears.
  • Chart is showing a bearish cross and 20 DMA acts as good resistance on a down trend. So for an up move to happen bulls should try to go above 20 DMA.
  • 78.6% is an important support level on a correction.

S&P 500 Analysis after closing bell

  • SPX 15 Minutes chart is forming a range and if it breaks on the upside it may trigger a rally because price is near the support line of the channel in hour chart.
  • 2nd chart is the hour time frame which shows price hitting the support line and it may give an up move if this line is held.
  • Day shows price yet to break the cloud and is near 50 DMA. If price moves above 50 DMA by not breaking the cloud Bulls may get a bounce in their favor.
  • For bears its simple they have to violate the support line of the channel shown in hour chart to create more panic for bulls.