March 23, 2012

Silver Near resistance line

  • Silver four hour testing the falling resistance line and 50 Period SMA.
  • Candle closing above this level may result in a reversal in silver.

Bank of America Chart Update

  • BAC Weekly Chart pausing at 50% Fib level.
  • Bulls need a weekly or daily close above this level for regaining the upward momentum
  • Hour is showing a possible bullish Flag pattern which will help bulls to extend gains.

GOOGLE Fibonacci levels and channel

  • Google Daily shows price struggling to cross 78.6% Fib level. Daily and week closing above this level can give an up move towards 660 levels and above.
  • Hour continues to move up in a channel. Weakness in hour only on price breaking the channel or trading below 20 Hour SMA.

S&P 500 Futures Chart Analysis

  • ES one hour chart shows the bearish cross with 50 and 100 Hour SMA.
  • Price is also getting resisted at 50 Hour SMA.
  • Four hour chart shows fibonacci levels and price getting support at 38.2% Fib level. Further down move will happen only if price violates 38.2% Fib level.

GOLD Trend update

  • Gold Four hour chart shows price trading below the Ichimoku cloud. Trend of this time frame will stay down as long as price stays below the cloud.
  • Daily chart shows a bounce from golden ratio. More upside will be possible on trading  above 50% Fib level.

NIFTY Daily Analysis

  • Nifty could not sustain above 20 Day SMA. Price closed below 50 Day SMA.
  • Price may seek support at 200 SMA failing to close above this level will extend the correction towards 50% Fib level shown in 2nd chart.
  • 50 SMA at 5262
  • 200 SMA at 5158

S&P 500 Analysis after closing bell

  • It was another negative day for SPX. Trend in hour chart is looking a bit damaged but Day and Week charts are looking strong.
  • Hour has broken below 50 Hour SMA. Hour trend will turn down on breaking below 200 Hour SMA.
  • Immediate Support level is between 1370 - 1377.  We have the 20 Day SMA, 200 Hour SMA and previous resistance levels in this area which may act as support on a correction.