November 30, 2011

GOLD Triangle pattern update

  • Gold is nearing the resistance line of the triangle pattern in daily chart.
  • Any weakness seen at the resistance line will be an opportunity to go short. Long trade only on a convincing breakout from the triangle pattern.

ES Resistance lines

  • Resistance lines in daily time frame and  Four hour time frame.
  • Price getting resisted by the the resistance line in four hour time frame is low because of the high momentum of price But the resistance line in daily time frame may be tough to cross. Look for weakness at these resistance line in the form of Doji or bearish candles before going short.

COPPER Breakout

  • Copper has given a breakout above the resistance line in four hour chart.
  • 3.5735 may act as resistance. Breaking above it can take copper to 3.7398 levels.

S&P 500 Futures Analysis

  • ES got support from 50 period SMA. Price may move towards 200 period SMA.
  • 50% Fib level is acting as resistance moving above it may take ES to the Golden ratio.

RELIANCE Industries Analysis

  • Reliance daily charts are looking oversold. But weekly indicators are yet to bottom out and shows possibility of more downside to come.
  • We may see an oversold bounce from daily charts which might give good shorting opportunities at higher levels.
  • Stock will be under pressure till the weekly stochastic bottom out. 

S&P 500 Analysis after closing bell

  • Up move of SPX was halted near 50 Day Simple moving average.
  • One hour chart shows a bullish pattern.
  • For bulls good up moves will happen once they are able to cross 50 Day SMA on closing basis. Price hitting resistance at this level will be negative for bulls.