September 23, 2011

SPY Support level

  • If SPY does not breach 112 on closing basis we may see an up move soon.
  • Indicators in four hour chart are poised for a rise.
  • Price is in a broad range between 112 - 122 levels. The lower end of the range is getting tested. Indicators are suggesting for a bounce so bulls may get some relief for a while.

GOLD falling into the Weekly Channel

  • Gold is trying to Re enter the weekly channel.
  • Price has broken 50 Day Moving average and is testing its 100 Day Moving average.
  • We may see a bounce if 100 DAY SMA holds. Bearish momentum is high so longs will be risky.
  • In the medium term price may try to enter the Weekly channel shown in the first chart and continue the steady up move staying within this channel.

SILVER breakdown below 50 Week SMA

  • SILVER Breaks below 50 week moving average.
  • 32.30 level may act as support for sometime.
  • If 32.30 goes then silver may target 50% Fibonacci retrace level for the rise from 8.44 to 49 levels.

S&P 500 Futures Hour chart analysis

  • ES Hour is moving down in a channel
  • Cloud is shown in 30 Minutes time frame. Cloud is acting as resistance. Price breaking and sustaining above it may give good up move.
  • 30 Minutes is also showing divergence with MACD yet to confirm by price.
  • For bulls price should break above the channel for a sustained up move to happen.

NIFTY Channel resistance

  • Price closing above Week low ema may give some relief for bulls.
  • Next supports are at 4890 and 4815 levels.
  • Price got rejected at the middle channel. This could just be a bottom formation in weekly time frame as long as there is no wild falls. When the bottom formation completes the middle channel will be broken.

SILVER - Target for breakdown

  • Silver has violated its trend line in daily chart.
  • Price is moving down towards its 50 Week moving average.
  • So First target could be around 34.50 levels approximately.
  • Week closing below 50 week moving average could bring more down falls for silver.