- Copper falling down from 20 Day SMA.
- Trend line and 50 SMA will try to support the fall.But copper bulls will be weak below 20 SMA so till then up moves will face selling pressure at higher levels.
- If the support line and 50 SMA is held we may see a rally towards 20 SMA.
- Breaking below the support level may give 3.61 and 3.53 levels.
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
February 17, 2012
COPPER Falling towards 50 SMA
MICROSOFT Monthly resistance level
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DAILY CHART
- MSFT has broken above the falling resistance line in monthly chart.
- MSFT Testing monthly horizontal resistance zone between 30.50 - 31.50.
- Daily is trending up above 20 Day SMA. Unless daily closes below 20 SMA this resistance zone is likely to be broken on the up side.
- S&P 500 ANALYSIS AFTER CLOSING BELL
CRUDE OIL Important resistance levels
- Crude Oil four hour chart shows price near the resistance level of an Ascending triangle.
- Weekly chart shows price near Golden ratio which has been acting as resistance level. This is also the neck line of an inverted head and shoulders pattern. So Crude Oil bulls need a weekly close above this level for higher targets like 106, 108 and 113. Unable to cross the resistance line this time means correction towards 94 levels again.
- S&P 500 ANALYSIS AFTER CLOSING BELL
NIFTY Broadening pattern
- Nifty moving towards a possible resistance line of a broadening pattern.
- trend is strong so one has to confirm weakness at the resistance line. Closing below crucial moving averages should result in good correction.
- 10 Day EMA has not been breached from 4750 levels. So closing below this level may be the first sign of real weakness. Until this happens stay long
NIFTY Resistance levels
- Monthly broken support line and Golden ratio is showing a possible resistance level between 5640 - 5660 level.
- Volume bars shows the last two day's candles above the range with the highest volume in recent times. Price breaking below this range will panic the new buyers. If price continue to stay above the range the new volume will help price to move up further.
- S&P 500 EOD ANALYSIS
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