May 11, 2012
- First chart is shown with two channels. Price remaining in the small dotted channel will favor bears to push prices down. If price manage to breakout of the small channel we may see an up move in silver.
- Resistance in four hour charts are 20 period and 50 Period SMA. And the trend of this time frame will stay down as long as price stays below the cloud.
- SILVER WEEKLY TREND LINES
- As discussed in the below chart price has stopped near 200 sma. momentum is with bears, price closing below 200 sma will extend d fall in the coming weeks.
CHART - I
- First chart shows weekly MACD sell signal. Price sustaining below 20 Week SMA should favor bears in the coming weeks.
- For the trend in daily chart to turn completely in favor of bears price need to break the 200 Day SMA. 200 SMA is near 36.67 this level may and the Fibonacci area shown in the last chart may act as support for today.
- GOLDMAN SACHS CHART ANALYSIS
- Nifty continues to sell off near resistance levels.
- 30 Minutes chart shows price weakness near resistance line and cloud.
- Daily chart shows price below the crucial Golden ratio. Daily candle closing below this level will weaken the bulls further. Then price may target the shaded area near 78.6% level.
- So the trend remains down with no reversal in sight both in shorter time frames and daily chart.
- BANK NIFTY CHART UPDATE