August 26, 2011

Triangle of CRUDE OIL

  • Crude oil in a symmetrical triangle pattern.
  • Resistance levels is near 88
  • Main support at 79 levels.
  • So breakout should takeout these levels for bigger moves to happen.

SILVER Resistance level

  • Silver hour chart with 200 Hour moving average.
  • Attempt of bulls is getting rejected at 200 Hour moving average.
  • Bigger up move will happen only if price is able to break above 200 Hour moving average.
  • Falling below 39.90 levels will favor bears.

SLV Trend update

  • If SLV is to move up from here it has to break above the 50 Hour moving average and stay above 40.37 levels.
  • Price is moving in a range. Price staying above 40.37 will favor bulls
  • Price staying below 50 Hour moving average will favor bears.

ES Triangle

  • Price having taken support near the support line of the triangle is back near the resistance line. If the line gets tested the momentum looks good enough to give a breakout on the upside.
  • ES Four hour chart in a triangle pattern.
  • This consolidation is taking place after a big down move. So this can be classified as a bearish consolidation pattern.
  • A clear trend would emerge if ES breakout above 1188 or break below 1111.
  • Price staying below 50 period moving average will help bears.
  • PIN BAR OF S&P 500

NIFTY Hour chart update

  • Nifty breaks the recent low of 4796 and gave 4720 for bears.
  • Now nifty continues to be weak, will make another low when 4720 gets broken.
  • For bulls price has to go back and close above 4796 again for strength to return.

NIFTY Positive divergence

  • Nifty hour with positive divergence
  • Price making lower lows while macd bars making higher low.
  • But price may go down further before turning up again.

NIFTY intraday Update

  • Nifty is sustaining below the resistance line shown in hour chart.
  • Price is also trending down below 50 Hour moving average
  • Turnaround might come if nifty is above to stay above the resistance line and close above 50 Hour moving average.

SBI Chart Analysis

  • SBI Continues to be in a strong down trend.
  • Range breakdown will cause more pain for the bears of SBI.
  • Stock is oversold but the bounce is not happening.
  • Price is trending down below 10 Day moving average. 
  • Closing above 10 Day SMA may show hints of a turnaround till then its better to stay short.

NIFTY indicator status

  • Monthly chart shows that this fall is likely to be stopped at or near the lower bollinger band in monthly chart.
  • Weekly RSI has also gone below 30% line
  • We will know the reversal signs from Daily chart were the stochastic is refusing to move above 20% line so far.