February 17, 2012

COPPER Falling towards 50 SMA

  • 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.

MICROSOFT Monthly resistance level

  • 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. 

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.

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 Analysis after closing bell

  • 2nd chart is the daily time frame which shows price making a close outside the range. It is also moving away from 20 SMA.
  • Month chart shows the next major resistance level at 1370. 
  • Four hour chart shows the strength of the trend.