June 20, 2012

GOLD Chart Analysis

  • Gold unable to trade above the resistance line and 100 Day SMA.
  • Fall will be bigger only if price breaks below 23.6% Fib level and the red support line shown in first chart.
  • Price is still in a contraction patter which is yet to be resolved. Closing above the resistance line can give big up moves in Gold. Opposite moves is also possible breakdown could test the crucial weekly support levels.

Descending Broadening Wedge of QQQ

  • Before the wedge one has to see if price is able to takeout 100 Day SMA on closing basis. Failing to close above it will be negative for QQQ Bulls.
  • Above 100 SMA price should hit the resistance line of the Descending broadening wedge. Usually this pattern gives an upper breakout with the highest point inside the pattern as target. 
  • We had  a similar pattern in QQQ Daily chart which worked well for bulls.

SILVER Support and resistance lines

  • Four hour chart shows price contraction which should breakout soon for a bigger move.
  • 50 Day SMA and daily cloud is acting as stiff resistance. An upper breakout from the four hour chart should takeout 50 SMA and the cloud for a meaningful up move to happen.
  • Breakdown will test the crucial weekly support levels.

EURUSD Trend update

  • EURUSD Corrective up move continues in a channel.
  • Price is nearing a confluence of resistance in daily chart they are 50 day SMA and 50% Fib level.
  • Bigger up move possible only on crossing this resistance zone.

NIFTY Chart Analysis

  • Bearish engulfing does not get a follow up. Bulls getting support at 5 day Low EMA.
  • Weekly bullish engulfing is still intact. Bears getting resisted at Middle Bollinger band ( 20  Week SMA ).
  • Nifty getting resisted at the crucial 5180 zone and getting support at the falling resistance line which was broken.
  • Price got resisted at the top of the cloud. For a trending up move bulls need a cloud breakout

S&P 500 Analysis after closing bell

  • Falling wedge is doing well so far. But price was unable to clear 1357 - 1359 level on closing basis which is slightly negative. If the up move continues above this level then we might see 1415 level.
  • Golden ratio and 200 period SMA of four hour has managed to halt the up move. Bulls must cross these levels on closing basis for moving up further.Unable to cross these levels should result in a fall towards 1335 levels again.

CRUDE OIL Chart analysis

  • CRUDE OIL Testing crucial resistance levels in 20 Day SMA and crucial levels in four hour chart. If the prevailing trend is strong these levels may become good selling opportunities. While  a close above 20 Day SMA and a breakout above the range shown in last chart may give a decent bounce for crude  oil.