May 24, 2012

SILVER Support and resistance lines

  • Silver daily shows a contracting triangle pattern.
  • Price is near 20 Day SMA which must be crossed for an up move to happen.
  • Last chart shows crucial support and resistance levels.

Bank of America Support at Golden ratio

  • BAC Bouncing from the golden ratio.
  • Price must sustain above 200 SMA for the bounce to give a bigger move.
  • 20 Day SMA and 7.61 - 7.64 zone will act as resistance if the up move continues. 
  • For the trend to reverse price must trade above 20 Day SMA.

CRUDE OIL Descending channel

  • EURUSD Four hour chart shows price moving down in a channel below the cloud.
  • Weekly chart shows price testing the weekly cloud. There is support near 88 - 89 levels as marked on the left side of the chart.
  • If 88 - 89 levels does not hold then price could slip towards the up trend line of weekly chart which is near 85 approximately.

MCX COPPER Chart Analysis

  • Hour chart is showing a range in MCX Copper.
  • Four hour with Ichimoku is still in BUY mode.
  • Dialy chart shows price loosing momentum near 20 Day SMA.
  • Trading below 424.5 which is yesterday's low would give shorting opportunities.
  • Longs will be safe above 427.7 levels.

EURUSD Violating support line

  • EURUSD has violated the support level in daily chart and thus invalidating the double bottom pattern possibility.
  • Now price is testing a possible falling support line in weekly chart. Breakdown below it can extend gains for bears towards 1.23 levels and lower. Taking support here should give a rally towards 1.28 levels.

BANK NIFTY Support and Resistance

  • Bank nifty in the middle of a range.
  • Weekly lower bollinger band is trying to give support.
  • Resistance is near 200 Day SMA and 20 Day SMA.
  • For a bigger move price has to breakout of this 500 point range or remain range bound for this week.

S&P 500 Analysis after closing bell

  • We saw a bearish view with monthly chart yesterday. Weekly charts shows a possibility of trading bounce with Weekly oversold stochastic and 50 Week SMA. If 50 Week SMA does not get violated the weekly stochastic may give a trading bounce towards 1342 - 1350 levels.
  • Closing above 10 Day SMA should take price above 23.6% Fib line and 20 Day SMA as shown in 2nd chart.
  • This bullish move must start from the hour chart. Hour is trying to stay above 50 Hour SMA. For a successful up move price must stay above 1328.49. Price staying below 50 Hour SMA and falling below 1296 may lead to a breakdown.

S&P 500 Support and resistance levels

  • SPX Hour between support and resistance levels.
  • Support levels are 1291 and 1296 Resistance at 1328.
  • Hour chart will be weak below 50 Hour SMA and the cloud. Cloud break may help bulls for a bigger up move.