July 2, 2012

Broadening pattern of SILVER

  • Broadening formations give good swing trades.
  • Next trade could be a high probability short with 200 period SMA and the resistance line as shown in the second chart.
  • One hour chart shows 200 Hour SMA giving support. For bulls of silver this level should be protected. Falling below this level on closing basis should favor silver bears.

ES Chart analysis

  • ES Approaching possible resistance line in four hour chart.
  • Daily chart is sustaining above crucial support levels like 100 Day SMA and Horizontal support line. 
  • Beast scenario for bears would be to get resisted at the resistance line shown in four hour chart and a fall below the support levels shown in daily chart.
  • Bulls will be stronger on trading above the resistance line shown in the first chart.

JP Morgan Chase Resistance levels an Update

  • JP Morgan daily and weekly charts struggling to cross crucial resistance levels.
  • Daily and week chart has to sustain above its 50 period SMA to confirm a breakout. Sustaining below these levels will result in a down move. Breaking below 34.64 will extend the fall from 50 day sma.

Bank of America Resistance levels

  • BAC at 100 Day SMA and weekly middle bollinger band.
  • Crossing the above mentioned levels especially the 100 Day SMA on closing basis should push the stock towards golden ratio and more. 
  • Getting resisted at the current levels will be negative and price may fall back below 8 levels.

NIFTY and India VIX Analysis

  • Nifty weekly line chart suggests next crucial resistance level between 5360 - 5380 on weekly closing basis.
  • Third chart shows price closing above the golden ratio and looking good to move towards the next fibonacci level.
  • For bulls price should sustain above Middle bollinger band 5197 and the support resistance zone 5180 - 5200 to target for higher targets.
  • India VIX weekly line chart is nearing crucial support level which may be able to stop bulls from bigger targets. For now price action favors bulls so stay long.