August 12, 2011

USO rising towards the breakdown level

  • USO having given a short trade is retracing towards the breakdown level.
  • This up move may find resistance near 35.16 and starts to fall again.
  • Bearish structure will change once price starts to trade above 36 Levels.

Head and Shoulders of GOLD

  • Gold bears will be strong below 1731 and stronger if they manage to break 1718.
  • Head and shoulders will be invalid if price goes above 1770 level.
  • 1731 and 1718 levels may act as support as well.
  • Shorting gold is risky because of its primary trend one has to have strict stop loss.

S&P 500 Futures Trend update and levels

  • ES hour is staying above 50 Hour moving average and the cloud.
  • Bulls will become strong above 1185 levels.
  • Below 1146.75 Bears will become active and a shorting opportunity might emerge.

Triangle of SILVER

  • Silver Triangle has given a breakout and price is moving in favor of bulls till now.
  • Next resistance level is between  39.40 - 40 levels.
  • SILVER 30 Minutes is forming a triangle pattern.
  • Breakout from this triangle may give a good trading move.

NIFTY Hour chart analysis

  • Nifty not able to sustain above 50 Hour moving average and cloud.
  • Price will favor bears if it stays like this.
  • for bulls they have to stay above 50 Hour moving average and cloud.

RELIANCE Triangle and Nifty Range

  • Nifty range break has given a good short trade.
  • 5000 - 5010 level may act as support
  • Nifty 5 Minutes chart is still in a range.
  • Reliance is in a triangle pattern.
  • So stocks and index is in consolidation pattern which has to be resolved for a decisive move to happen. We may see whipsaws too before the real move takes place.

NIFTY Daily Analysis

  • Nifty may give a bounce but It has to sustain above 5 Day High EMA for a trending move to happen otherwise ti will end up as a bounce.
  • Price is yet to test the GAP.
  • Indicators are positioned for a bounce but Trend is still down. So one has to wait for nifty to cross crucial resistance levels. Shorting will be easy below 5120 - 5100 levels. Closing above day high can give hope for bulls.
  • 5 Day High EMA @ 5228
  • S&P 500 EOD UPDATE

S&P 500 Analysis after closing bell

  • Price has moved above 200 week moving average as shown in weekly chart. If price closes the week like this it may give some relief for bulls.
  • Hourly charts are turning in favor of bulls with price sustaining above 50 Hour moving average. If price manages to close above the cloud in hour time frame this pull back may pick up momentum.
  • But looking at the weekly cloud. It looks like it will be hard to take this pull back beyond some support levels which got broken during this fall.
  • 1210 - 1220 level will be hard to close above.

SPY Near 50 Hour moving average

  • SPY one hour chart is approaching its 50 Hour moving average
  • Closing the day above 50 Hour moving average will keep bulls interested.
  • Getting resisted here will favor bears.