May 29, 2011

SPY Weekend Update

  • First chart shows price closing above 50 Day Moving Average.
  • But Bears will be happy that the price closed inside the descending channel pattern.
  • 2nd chart shows price consolidation in a triangle like pattern and this will soon give good direction.
  • 3rd chart shows Weekly chart with 20 week moving average. Price is refusing to close below 20 week moving average which will keep bulls happy.
  • BIDU GO LONG ABOVE 20 DMA

HINDALCO Analysis

  • Hindalco had a good close to the weekend. 
  • Price broke and close above the trend line in daily chart. MACD is looking positive and may give a buy signal. 
  • Price will move up if sustains above 20 day moving average.
  • Cloud resistance is near 207 and then the weekly down trend line will also act as resistance.
  • Above bullish view valid only if price sustains above 20 day moving average.
  • NIFTY WEEKEND UPDATE