May 10, 2012

DOW JONES Chart Analysis

  • Daily chart shows support level between 12710 - 12748.
  • Price is also getting support near 100 Day SMA.
  • Having broken below the cloud it may act as resistance. To avoid a bigger fall price must get back above the cloud soon.

CRUDE OIL Chart Update

  • Crude oil getting support from Weekly cloud and daily support level near 95.
  • Major hurdle for bulls is the 200 Day SMA which must be crossed to generate upward momentum.
  • So for now price is stuck between these two support and resistance levels. Once price breakout of this range crude oil may give the next trending move

CISCO Chart Analysis

  • Price sustaining below the daily Ichimoku cloud will favor bears to extend the correction.
  • Price is nearing 200 Day SMA. A daily close below 200 SMA will strengthen bears further.
  • Possible support level is shown in the weekly chart with fibonacci levels. 50% and Golden ratio(61.8%) may give support.

NIFTY Intraday Update

  • Nifty Hour near resistance line and cloud.
  • Price has to sustain above the cloud and resistance line for an up move to happen.
  • 38.2% Fib level may act as resistance above the cloud.

RELIANCE Month and Weekly chart Analysis

  • Reliance month chart near the apex of a multi year triangle pattern. 
  • Weekly charts shown with price near crucial support level and oversold indicators. 
  • There is no turnaround or bottom formation in price yet. So one should not assume that a bottom is going to form. Breakdown at this level will keep the indicator oversold. So look for bullish candles at this level for going long.

S&P 500 Analysis after closing bell

  • SPX Hour chart shown with price cluster below 1357 level. Sustaining below this support level is risky for bulls as it may lead to bigger breakdowns
  • Daily chart shown with 100 Day SMA. This line has been saving bulls for the last two days. Bears need to close below this level.
  • Weekly looks good for bears. All bears need is a weekly close below 20 Week SMA to confirm bearishness.