September 12, 2011
- A rally towards the close of the day spoiled the channel of bears. Price went back to the earlier support line which was broken. For bulls price has to stay above this line for continuing this up move.
- Falling 200 period SMA should rescue bears from taking a bigger hit.
- ES Four hour chart
- If bears manage to hold on to the Blue dotted narrow channel they should get at least 1103 before a meaningful bounce.
- If price breaks out of the channel we may see a bounce but the down move will resume targeting the support line of the bigger channel.
- GOLD SUPPORT AND RESISTANCE LINES
- Price has broken the triangle pattern in four hour chart.
- If price closes the daily candle at these levels it's a close below 50 SMA which will favor bears of silver.
- Silver daily is testing 50 day moving average again.
- four hour chart shows price at the support line of the triangle.
- Bulls were saved many times by 50 SMA in the recent past. So if it gets tested repeatedly a breakdown may happen.
- For now price is pausing at the triangle support line. Bulls must hope for a bounce from the support line of the triangle.
- ES TRIANGLE UPDATED
- Break of weekly low ema may lead nifty towards the recent lows of 4720.
- If recent low(4720) is held and along with oversold stochastic reading in weekly chart we may see another long opportunity in the coming days.
- Week low ema near 4920 will act as support during correction.
- S&P 500 WEEKEND UPDATE