December 2, 2011

ES Support line and 50 Hour SMA

  • Price has broken below 50 Hour SMA and the support line shown in hour chart. Daily chart too shows a bearish candle at the resistance line which confirms weakness in higher time frames. We might see some correction next week.
  • For bears price has to break below the support line and 50 Hour SMA.
  • Price sustaining above 50 Hour SMA will result in another up move.

APPLE Testing 50 Day SMA

  • Apple having taken support at 200 SMA has moved towards 50 Day SMA.
  • Daily closing above 50 Day SMA will help Bulls to extend this rally.

CRUDE OIL Channel and Resistance line

  • Crude oil daily is moving up in a channel.
  • But price in weekly chart is trading near major resistance lines.
  • Major breakout in Crude oil will be possible only if price takes out the resistance line from 147.
  • Bearish candles at these levels may give good short trades in crude oil.
  • See MCX Crude oil chart below this post

S&P 500 Futures Trend update

  • Hour charts are not showing any weakness yet.
  • Price is trending up above 50 Hour SMA and Hourly cloud.
  • Resistance line in four hour chart too has broken in favor of bulls
  • Next hurdle for bulls is the resistance line in daily chart. Breaking that will strengthen bulls further.

NIFTY Four hour chart

  • Price staying above 50 Period sma of this time frame will favor bulls.
  • First attempt to breakout above 200 period SMA faced resistance.
  • For bears price should stay below 200 period SMA, if a breakout happens a bigger up move is possible.


  • MACD is looking for bulls of Bank Nifty in daily chart. But price is getting rejected at 20 Day SMA.
  • For bulls price staying above 5 Day High EMA is a positive from here price may try to breakout above 20 SMA again.
  • For bears of Bank Nifty price should close the day below 5 Day High EMA.

S&P 500 Analysis after closing bell

  • Price pausing near 200 SMA and multiple resistance lines.
  • Its a consolidation after an up move so a continuation of the previous move can be expected. But resistance is strong so it will take stronger bulls to break above this resistance level.