December 21, 2011

ES Hour chart update

  • ES Finds support at 200 Hour SMA.
  • ES has support near 200 Hour SMA.
  • Trend line in hour chart might stop a bigger correction from happening.
  • If price break below the trend line or 200 SMA then price may dip towards the golden ratio.

ES Hour chart analysis

  • ES Bounces from 38.2% Fib level.
  • Bulls has to take price above 23.6% Fib or face another round of selling
  • ES is moving towards 38.2% Fib level. Getting support at that level may give an up move.
  • Breaking below 38.2% will lead to a retest of 200 Hour SMA.


  • Price staying above 50 Day SMA and 23.6% Fib level will favor bulls.
  • Four hour chart shows a possible resistance line. Price breaking above this line may give good up move for crude oil.
  • For bears of crude oil price should fall below 50 Day SMA
  • See MCX Crude Oil chart below this post.

Nifty intraday Update

  • 4639 Level may act as support now.
  • Nifty hour moving in channels.
  • Price has to move out of the current descending channel and form an ascending one for an up move to begin. 4640 Is an important level price has to close the day above this level for the momentum to sustain.

BANK NIFTY intraday update

NIFTY and India Vix Analysis

  • Price and RSI is showing positive divergence. We may get a bounce because of Global Markets. But a sustained rally might come only if price is able to stay above the broken support levels and moving averages.
  • India VIX is showing overbought levels which may also help bulls for getting a bounce. A rally or a bottom formation can be confirmed only based on closing prices.

S&P 500 Analysis after closing bell

  • Weekly and daily candles are showing good momentum. If the momentum sustains price hitting 200 SMA or the resistance line of the triangle is just a matter of time.
  • 50 Day SMA is the key level to watch if bulls are able to protect it they can move higher. Break below that can trigger a correction in favor of bears.

APPLE Ascending Triangle

  • Apple hour chart is showing an ascending triangle pattern.
  • Resistance level is at 396.29. 
  • Daily chart is staying above 50 Day SMA which will favor bulls of AAPL.
  • For making progress on the upside price has to sustain above 396 levels. Next resistance is at 409 levels.