March 2, 2012

CRUDE OIL Support levels

  • Crude oil daily chart has support at 20 Day SMA which is near 104.60 for today.
  • Previous resistance was between 103.36 - 103.73 levels which may act as support now.

BIDU Near Resistance line

  • Bidu near resistance line. Price is also near the apex of a contracting pattern which will be resolved soon to give a bigger move.
  • Price is above 200 SMA. So a successful breakout here should give 150 levels and above for Bidu.
  • Getting resisted here will take stock back to 200 SMA again.

SILVER Weekly Chart Update

  • Bulls of silver need to close the week above the falling resistance line and the horizontal line at 35.68.
  • A bearish candle here will target 32.50 levels and below that.
  • Spike above 50 Week SMA looks like a false one so far.  

Nifty intraday Update

  • Nifty one hour chart with a triangle pattern.
  • Breakout in favor of bulls must trade above 50 Hour SMA for a sustained up move to happen.
  • Price sustaining below 200 SMA will lead to a breakdown. Bigger fall possible below 5268

SBI Weekly chart analysis

  • SBI Weekly cloud and 5 Week High EMA acting as resistance levels.
  • Stochastic shows overbought reading in weekly time frame. But for a correction price has to close below 50 Week SMA.

RELIANCE chart analysis

  • Daily near 200 SMA Weekly is near a resistance line and 50 Week SMA.
  • Reliance should do a daily and weekly close above these levels today to avoid a correction.
  • Weekly stochastic may trigger a sell if price does not make a positive close.

SLV and GLD Hour chart analysis

  • GLD Bears are doing far better when compared to SLV.
  • Hour of SLV is yet to close below the cloud and 200 Hour SMA. GLD has fallen and closed below these levels and if GLD starts moving up these levels will act as resistance.