- The descending broadening wedge of QQQ has given a breakout.
- QQQ had a similar pattern in daily chart which performed well as shown in daily chart.
- For this pattern if price closes above the Golden ratio we may see the recent high's at 68 getting tested again.
- Unable to sustain above Golden ratio will result in a gall back into the pattern.
- BAC at 50 Day SMA.
- Price is also near its 200 Day SMA.
- For bulls of BAC Price should sustain above 50 Week SMA (7.25) On closing basis to avoid a bigger fall.
- Sustaining above these levels could lead to an up move.
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S&P 500 ANALYSIS AFTER CLOSE
- Crude oil daily chart testing a possible resistance line in four hour chart.
- We may see a false breakout above this line for price to hit 100 Day SMA from where we may see a correction.
- 50% Fib level too may act as resistance.
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S&P 500 ANALYSIS AFTER CLOSE
- MCX Gold shows a Descending triangle pattern in four hour chart with crucial support near 29000 - 29100.
- Breakout above the resistance line and 29400 will favor a bullish trade for this contract.
- Nifty daily chart getting support at 100 Day SMA. For bears this level must break for further breakdown.
- Weekly stochastic is showing overbought levels and will be effective as long as price sustains below the falling resistance line.
- For a bigger up move price must stay above the lines and 5370 level as shown in weekly line chart.
- S&P 500 EOD UPDATE
- SPX Managed to clear the falling resistance line.
- Price is yet to clear the range of 1325 - 1374.
- If price manage to break above 1374 it may target 78.6% Fib level around 1391 level.
