August 21, 2012

CRUDE OIL at Golden Ratio

  • Crude oil testing Golden ratio in weekly chart.
  • Daily chart shows price moving above 200 Day SMA. Sustaining above this level should extend this up move.
  • Last chart shows a  possible resistance line which may give a pause or a small correction. 

GOLD Triangle breakout

  • Gold daily chart shows a triangle breakout.
  • price is testing 200 Day SMA which has to be crossed on closing basis to continue the up move.
  • Fibonacci charts shown in daily chart with next resistance levels.

Bank of America Chart analysis

  • BAC Daily chart with a possible double bottom pattern.
  •  Price is trading above 100 Day SMA.
  • Price must trade above 8.22 for it to favor bulls from here.
  • Last chart shows 8.22 levels with 100 day SMA.

NIFTY Intraday update

  • Nifty hour chart shows support at 50 Hour SMA.
  • Bears need an Hourly closing below 50 Hour SMA 
  • Price sustaining above 50 Hour SMA Will continue to favor bulls of nifty. 15 Minutes chart shows a broadening pattern. Broadening top patterns are generally bearish in nature.  But in this case if price trade above 5400 - 5415 level it will lead to another breakout in favor of bulls.

HINDALCO Chart Analysis

  • Last chart does not show today's price action But is shown to explain the down trend of the stock. Price is trading below 200 SMA and the daily cloud which will continue to favor bears.
  • First chart shows a rounding top kind of pattern with crucial support broken at 112.
  • Crucial support at 78.6% Fib level is being tested. Break of this level may take stock towards 105 levels which is the next major support.

TATA STEEL Chart analysis

  • Tata steel trading near crucial support zone of 382 - 389.
  • Fibonacci levels shows price near golden ratio.
  • Trading below golden ratio and breaking 382 could take stock towards 78.6% at 368.
  • For bulls if 388 holds an up move towards 50 SMA (416) is possible.

SILVER Ascending Triangle Breakout

  • Silver has given a breakout from the Ascending triangle pattern which was discussed in an EARLIER POST.
  • Now price must close above 200 Day SMA and 23.6% Fib level to sustain the momentum
  • Failure to trade above 23.6% Fib level will be negative for silver bulls. This level has acted as resistance before as marked in the chart.