March 15, 2012

Bank of America Golden Cross

  • Daily chart shows a golden cross.
  • Next chart shows Weekly candle trying to stay above a crucial trend line. Closing above this line will help bulls of BAC
  • Weekly chart is testing a possible resistance level. For a possible long term trend change price has to sustain above the weekly ichimoku cloud.

CRUDE OIL Support levels

  • Crude oil Testing support level.
  • 100 Day SMA and the up trend line in daily time frame are important support levels. If these levels hold and up move is possible. For a bigger breakdown the above mentioned levels has to break on closing basis.

ES Hour chart analysis

  • ES One hour sustaining above the cloud and 50 Hour SMA will favor bulls for a breakout above the shaded resistance level.
  • Hour trading above the resistance line may give another 8 to 10 points on the upside.
  • Weakness in hour time frame if price falls below 50 Hour SMA.

COPPER Chart Analysis

  • Copper daily chart shows price contraction which will lead to a bigger breakout or breakdown soon.
  • For now hour chart will favor bearish trades below the hour cloud and 50 Hour SMA.
  • Copper will be weak on falling below 3.8128 levels.
  • Hour cloud may act as resistance. 

Nifty intraday Update

  • Nifty daily testing 20 SMA.
  • Hour is near 200 SMA.
  • Daily candle closing the day below 20 SMA will be a selling opportunity. Hours sustaining below 200 SMA will make this time frame weak as well.

RELIANCE Weekly chart analysis

  • Reliance weekly chart shows price contraction which should result in good moves ones a breakout or breakdown happens.
  • 5 Week High EMA and 50 Week SMA has been acting as resistance. These two should be taken out by bulls on closing basis for a sustained up move to happen. Unable to sustain above these levels may lead to a breakdown.
  • S&P 500 EOD UPDATE

S&P 500 Analysis after closing bell

  • SPX Weekly shown with 20 and 50 Week SMA bullish crossover which is doing well so far for the bulls. Weekly candle sustaining above 1370 will help bulls to extend gains.
  • Daily chart shows a pause candle near resistance levels. Sideways move may continue before the next breakout. Hour chart also shows price in a bullish flag kind of pattern moving towards 20 Hour SMA.