May 4, 2012

ES Ichimoku cloud update

  • ES has fallen below all three major time frames - Daily, Four hour and one hour charts.

S&P 500 Support levels

  • SPX Four hour chart with 1377 - 1378 as possible support.
  • Four hour chart also shows 200 period SMA near this level.
  • one hour candles closing below this level will add to the bearishness. 
  • Bounce from this level may take spx above 1385 levels again.

S&P 500 Futures chart analysis

  • ES One hour chart is trading below 50 and 200 Hour SMA.
  • Last chart is the four hour time frame which shows price below crucial support resistance level and getting resisted at 200 period SMA.
  • Price sustaining below 50% Fib level will push price down towards the Golden ratio.

USDINR Negative Divergence

  • USDINR Weekly chart is showing negative divergence with MACD indicator.
  • Without correction in price divergence will not be useful.
  • Price has to trade below 20 SMA for possible weakness. 
  • Up trend will be safe above the daily cloud.

CRUDE OIL Chart update

  • Price has violated the rising support line shown in an earlier post.
  • 100.68 is the next crucial support. Trading below it may take Crude oil towards the 38.2% Fibonacci level.
  • Weekly chart is showing price below the middle bollinger band. A Weekly close below this level will  favor the bears of Crude oil for the coming week.

NIFTY Daily chart update

  • Nifty below 200 Day SMA.
  • Price testing 50% Fibonacci level. More damage on breaking and closing below 50% Fibonacci level.
  • Daily close below 200 SMA will strengthen bears.

NIFTY Intraday chart updated

  • Price sustaining below 5135 will favor bears to extend the fall.
  • Weekly and daily close below 5135 will strengthen  bears.  For bulls an intraday up move to close above 5150 levels may save them from  bigger fall.
  • One hour chart shows price near the falling support line.
  • Four hour chart shows price below the cloud and near the crucial low of 5135. For a trending down move to happen nifty must sustain below 5135.

State Bank Of India Chart analysis

  • SBI Moving down below 20 and 50 Day SMA after a bearish cross
  • Golden cross is still on and will be effective as long as 200 SMA does not get broken.
  • Closing price below 20 Week  SMA will be negative for SBI  bulls.
  • Important support level at 2047

CRUDE Oil Support levels

  • Crude oil support line in daily chart.
  • Breaking below it can take crude oil towards 97 - 98 levels.
  • Price is at 23.6% Fibonacci level 
  • Next crucial support is at the 200 Day SMA.

SPY Trend update

  • SPY Hour charts trading below 50 and 200 Hour SMA will favor bears.
  • Price is also near previous support resistance level. Its important for bulls to sustain above this level. Breaking below it will take SPY towards the Golden ratio shown in the first chart.