December 20, 2011

S&P 500 Moves out of the channel

  • SPX moves out of the channel in hour chart.
  • Price is above 50 Hour SMA. If sustains at these levels price may move towards 100 Hour SMA.

GOLD Hourly Support and Resistance levels

  • Gold Hour chart should is moving in a bearish flag type of consolidation pattern.
  • Close above resistance line may give good up move for Gold.
  • 100 Hour SMA is acting as support. Decisive break below it may give a dip in gold prices.

CRUDE OIL Analysis

  • Crude oil Fib levels shows price taking support at 38.2% and is moving up towards the broken 23.6% levels which may act as resistance.
  • Moving averages shows a similar picture price was not able to sustain below 200 Day SMA and is moving towards the broken 50 Day SMA which may act as resistance.
  • Candlesticks shows a possible Bullish engulfing pattern.
  • So short term crude oil may move up. Bigger up move once price move above 50 Day SMA and 23.6% Fib level.

S&P 500 Futures resistance level

  • Like yesterday Price is near the resistance line and 100 Hour SMA.
  • Price continue to move down from these levels creating lower high's and lower lows. Now hope for bulls till price changes this trend and give a decisive breakout above short term moving averages.

RELIANCE Futures Chart Analysis

  • Hour chart is showing a contracting pattern from which price may give good direction.
  • Crucial support in daily chart is at 715.
  • Break below 715 is negative. Break above the hourly resistance line can give an up move. 

NIFTY Hour chart analysis

  • Nifty continue to break the important low formed in the hour chart. Until this trend of Hourly lows getting broken changes its not possible for bulls to change the trend.
  • 4555 is the current important low in hourly chart. If this gets tested another down move is possible.
  • Price continue to stay below crucial moving averages. 
  • 50 Hour moving average the resistance line and 4673 levels may act as resistance levels in case of an up move.

S&P 500 Analysis after closing bell

  • Price is moving away from 50 Day SMA which is not good news for bulls
  • Four hour chart shows price closing in on the supporting trend line of the triangle pattern.
  • Fibonacci levels for daily chart shows price breaking 38.2% level. If price sustains at these levels It may move down towards 50% Fib line.
  • Hour chart shown with a potential Golden ratio trade.