January 4, 2012

QQQ Support and Resistance levels

  • QQQ Triangle shown in four hour chart with resistance levels.
  • 100 Period SMA shown in 2nd chart may act as support in case of a correction.

SLV Resistance line

  • SLV Four hour chart shows a possible resistance line.
  • Price is also near 38.2% and 50% Fib levels.
  • For a bigger up move to happen price has to sustain above the resistance line and 50% Fib level.

MICROSOFT Near Triangle Resistance line

  • Microsoft Testing the resistance line of the triangle pattern
  • Daily chart is shown with volume.
  • A Bullish candle with volume spike at this stage can give an extended up move for MSFT.
  • Bearish candle at the resistance line with Volume spike will favor bears for a correction towards the support line of the triangle pattern.

Nifty intraday Update

  • Nifty Hour is getting resisted at 200 Hour SMA.
  • Bulls need to close above 200 Hour SMA for continuing this up move.
  • Price staying below 4730 will favor bears.

CNX IT Weekly chart

  • CNX - IT Weekly chart with Horizontal resistance line and a falling resistance line which should act as resistance if this index gets there.
  • Price should also sustain above 50 Week SMA Which is around 6300 for this up move to sustain and move towards the weekly falling resistance line.

NIFTY Analysis

  • Nifty Moving up towards 4800 and the resistance line of the falling wedge.
  • Bull will be tested near the resistance line if they get there because of  important levels like 38.2% Fib level, Week High EMA at 4857 Etc.
  • Resistance line itself is around 4850 for today

S&P 500 Analysis after closing bell

  • Ascending triangle formation of SPX is showing a breakout. 
  • Price has to stay above 1277 and 1292 levels which may act as resistance now.
  • 50 Day SMA is rising towards 200 SMA for a bullish cross over to happen. For this the current resistance level 1292 has to be taken out easily. Failing to move above 1292 may give a bearish trade. Price closing below 200 SMA will be the first sign of weakness.