June 22, 2012

APPLE Chart Analysis

  • Apple near up trend line and 50 Day SMA. Sustaining above this level may give a bounce towards 590 levels. Breaking below the support line could target 566 levels for the day.

ES Trend update

  • ES one hour chart shows price falling below 50 and 200 Hour SMA.
  • Four hour chart shows price trying to find support at the cloud. ES bears need price to break below the cloud.
  • Last chart shows the inverted head and shoulders pattern which is still valid. Bears need price to stay below the 200 period SMA.

Bank Of America Chart Analysis

  • BAC Weekly chart shows price resistance at Middle bollinger band. Weekly close below this level will be negative for bulls of BAC.
  • Daily chart shows resistance at 100 Day SMA. Fall will extend on breaking below 50 day SMA.
  • Four hour chart shows a channel. Breaking below the channel may target 50 period SMA of four hour chart. Getting support at channel support line may save bulls of BAC from a bigger fall.

CRUDE Oil Update

  • Crude oil weekly support at 74 - 75 level.
  • Weekly chart forming a bearish M in chart or a Double top pattern which will be effective on closing below 74 levels.
  • Death cross of crude oil too continue to do well for bears of CL.

MCX Crude oil update

  • MCX Crude oil shows price breakdown from a range.
  • Daily chart shows price getting resisted at 20 day SMA. Down trend will remain strong below 20 day SMA.

NIFTY Chart Analysis

  • Nifty closed near the crucial price pivot zone of 5180 - 5200 which has seen many price rejections. Being a weekly close day today price has to close above this level and weekly Middle bollinger band to extend the up move.
  • Daily chart with Ichimoku cloud shows another attempt to breakout above the cloud. Failure for second time will be negative.
  • Bears need price to close below 50 Week SMA for a possible trend change in daily time frame.
  • S&P 500 EOD UPDATE

S&P 500 Analysis after closing bell

  • Four hour chart shows a confluence of resistance with previous support acting as resistance and Golden ratio combining well to stop the bulls from advancing.
  • Daily chart shows price getting resisted near the cloud and closing below 50 Day SMA.
  • Weekly chart too reacted from 20 Week SMA With just one more day for the week to end its looking bad for bulls of SPX.