Stock Market Chart Analysis: 11/02/11

November 2, 2011

Price staying above 20 Day SMA and 38.2% Fib level will favor bulls.
Bears need to break both these levels and close the day below it for extending this correction.

CHART-II

Gold hits the channel top as discussed in the below chart. Price may correct further if the small channel shown in red color gets broken. Bigger up move is possible once the resistance line of the bigger channel gets broken.

CHART-I

Gold Moving up towards the resistance line.
This up move may extend till 1760 - 1770 levels.
Stochastic is approaching overbought levels. Short trades can be taken at the resistance line if price shows weakness.
MCX ALUMINUM CHART

ES Bounce is not able to cross 38.2% Fib level. For bulls price has to stay above 38.2% for a possible up move to happen.
2nd chart shows price below the 50 Period SMA of four hour time frame. In case of an up move this level will act as resistance.
ES FALLING SUPPORT LINE

ES Four hour chart withe the descending Support line which is keeping the bulls interested.
This can also act as a neck line of a head and shoulders pattern.
S&P 500 ANALYSIS AFTER CLOSING BELL

Nifty stopped falling at the golden ratio and it has closed the GAP of 5230 - 5330.
Now if price sustains above 50% Bulls can extend gains.

Daily line chart shows price retracing towards the breakout level.
If price does not close below 5140 - 5160 during this correction we may see an up move happening.
If price starts to move up then weekly chart shows important resistance at 5370 levels. Weekly chart has shown this level acting as support many times so this might act as resistance. So bulls need to break above this level on closing basis for a bigger move to happen.
S&P 500 ANALYSIS AFTER CLOSING BELL