May 23, 2012

GOLD Erasing gains

  • Gold Hour chart shows price trading below 200 Hour SMA. Last week's move above 200 Hour SMA did not sustain.
  • Weekly chart shows price getting resisted near weekly cloud.
  • 20 Day SMA too is acting as resistance. Price has to trade above 20 Day SMA for an up move to sustain. 

COPPER Testing support line

  • Copper testing a possible support line.
  • Price near the golden ratio for 2.98 - 3.97
  • If the support line holds an up move possible.
  • Close below the support line may extend the correction towards 78.6% Fib level

DELL Chart Analysis

  • First chart shows price breaking monthly support lines. 
  • Second chart shows weekly time frame with support zones. Next support lies between 11.32 - 11.82 which is also the Golden ratio as shown in the last chart.

Apple in a channel

  • Apple daily getting resisted at 20 Day SMA.
  • Price got resisted at the channel resistance line.
  • Weekly chart shows price sustaining above 20 Week SMA. For a bigger fall price has to close the week below 20 Week SMA. Sustaining above 20 Week SMA shall give a breakout in favor of bulls.

CRUDE OIL Weekly trend line

  • Crude oil four hour chart shows price trending down in a channel below the ichimoku cloud.
  • Daily chart shows price moving towards the golden ratio.
  • Weekly chart shows a long term trend line which might get tested if price continue to sustain below 100 Week SMA. This trend line is near 85 - 86 levels for the current week and next.

Nifty Technical Analysis

  • Nifty day could not sustain above 5 Day High EMA and did a bearish engulfing pattern. Relevance of bearish engulfing may not be that much as it has come in a down trend. If price is able to break below 4849 and 4788 we might see this pattern working well.
  • Month candle is testing 50 Month SMA. Positional bears would like to see a close below this level to target 4531.
  • For bulls strength only if price is able to trade above 5 Day High EMA and 4950 level.

S&P 500 Analysis after closing bell

  • Month chart of SPX is testing its 20 Month SMA. Bears need a close below this level to extend gains possibly towards the red trend line shown in the same chart.
  • Daily chart shows price moving up from 38.2% Fib level. Price will find it tough to cross 23.6% fib level so for this week a range between these two levels is possible.
  • One hour chart shows price violating 50 Hour SMA and closing the day below it without testing the hourly cloud. For tomorrow up move possible above 1328. Staying below 50 Hour SMA will favor bears.