December 7, 2011

ES Hour chart analysis

  • Fall below 100 Hour SMA did not last long.
  • For now the hammer pattern in hour chart has saved bulls from a bigger correction.
  • ES staying below 100 Hour SMA will favor bears for extending this correction.
  • Trend line in hour chart too has violated.
  • For bulls price need to get back above 100 Hour SMA.

DELL Triangle update

  • Dell is looking weak near the resistance line of the triangle pattern.
  • Stochastic indicator has reached overbought status.
  • So for bulls of dell what is needed is a breakout above the resistance line or face a correction towards the support line of the triangle pattern.

CRUDE OIL Channel and Moving average update

  • Crude oil Channel in daily chart is pausing near the resistance band of 102 - 104.60.
  • Price is still above 200 and 20 Day Moving averages.
  • Weakness in crude oil on closing the day below 20 Day SMA. 
  • MCX Crude oil chart below this post

NIFTY Hour Trend update

  • Nifty one hour chart shows smooth up move above 20 and 50 Hour SMA.
  • For bulls price has to stay above 200 Hour SMA for extending this rally.
  • Price is nearing the Golden ratio. This one too has to be taken out decisively by bulls for continuing this up move. Any weakness seen near golden ratio may give a good short trade.

RELIANCE chart analysis

  • Reliance Bulls staying above 5 day high ema will favor an up move MACD is also looking good for bulls.
  • 38.2% Fib level is acting as resistance now. If it is crossed then price may move towards 50 Day SMA.
  • Bigger up move may happen only if price breaks and stays above 20 and 50 Day SMA.
  • Stochastic in Weekly time frame is moving down So this up move will face hurdles at important resistance levels.