- Dow Jones testing the up trend line which starts from 10404 levels.
- Price is still above 50 Day SMA.
- Up trend will be safe as long as price stays above 50 Day SMA.
- SPY SUPPORT LEVELS
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
March 29, 2012
Dow Jones Industrial Trend update
Crude Oil correction
- Crude oil has violated important up trend line and 50 Day SMA.
- Price is testing horizontal support levels. If this level gets violated on closing basis crude oil will slide further below $100 levels.
- Getting support at this horizontal lines can result in an up move.
- SPY SUPPORT LEVELS
ES Trend update
- ES one has fallen below 50 Hour SMA and the hourly cloud.
- Tills price stays below them it will face selling pressure at higher levels.
- But for bears a bigger fall is possible only on breaking the up trend line of four hour chart shown in the last chart. Staying above this line should give an opportunity for bulls to move up again.
- SPY HOUR CHART ANALYSIS
NIFTY Chart Analysis
- Stochastic has reached oversold levels, Now for bulls price has to sustain above 200 SMA for a turnaround to happen. Closing below 200 SMA will strengthen bears further.
- Price has been closing below 5 Day HIGH ema. For a turnaround to happen price has to close above 5 Day High EMA.
- COPPER RANGE UPDATE
CISCO Chart analysis
- CISCO Weekly chart shows the up move after its weekly close above 200 Week SMA.
- Next major resistance or the target for this up move is near 22.33 levels.
- Weekly chart also shows price moving up from 50% Fib level, If the momentum sustains price should hit the golden ratio soon.
- SPY HOUR CHART ANALYSIS
COPPER Range Update
- Copper continues to be in the range discussed in an earlier post.
- Four hour chart shows a contracting a triangle. Price may start moving up towards the upper end of the range again. Larger move will happen only when the triangle and the range gets resolved.
- For the larger move to be stronger one week needs to close above the Golden ratio or below 50% Fib level.
- SPY HOUR CHART ANALYSIS
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