March 13, 2012

BAIDU at resistance line

  • Bidu near resistance level again.
  • Rising support levels may lead to a breakout.
  • Bidu will be weak below 50 Day SMA.

Triangle of Amazon

  • Amazon daily is forming a contracting triangle pattern in daily chart.
  • Price as shown in weekly chart is still above the weekly support line. If this line is not violated an up move is possible.

S&P 500 Futures Chart analysis

  • ES hour chart is moving up after the bullish crossover of 50 Hour SMA over 200 Hour SMA.
  • Four hour chart is moving towards recent resistance levels.
  • Holding above 50 Hour SMA price may try to breakthrough the resistance level. Breaking below 50 Hour SMA may give hope for bears.

NIFTY Four hour chart Analysis

  • Nifty is staying above crucial levels of four hour time frame as shown in first two charts.
  • Price is approaching golden ratio for the recent fall. Bulls has to takeout this level on closing basis to avoid another down move from 61.8% Fib level.

NIFTY and India Vix Analysis

  • Crossing 5 Week High ema on closing basis should target 5550 and above.
  • Weakness only if nifty falls below 5320 levels.
  • Nifty futures chart showing recent Golden and Death cross performance. The hint here for a good performance from golden cross is that price should keep a distance from 50 SMA and 50 SMA will also start moving away from 200 SMA then the corrections can be easily bought thus making it a perfect bull market. If the trending move above 50 SMA does not happen then this cross may not perform well.
  • Last chart shows India VIX. It's getting support at 50 and 200 SMA, For bulls this level should be broken. getting support here and moving up may not be good news for the bulls in the very short term.