My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
August 23, 2012
CRUDE OIL Update
- Crude oil must sustain above 200 SMA to avoid a fall.
- Price is testing Golden ratio and a possible resistance line. For bulls of crude oil to continue the ward momentum these two levels must be crossed on closing basis. Week candle must close above 61.8% for sustaining the upward momentum.
- ES CHART ANALYSIS
BANK NIFTY Chart analysis
- BN Daily chart shows a contracting triangle pattern .
- Support for the stock is at 50 day SMA.
- Weekly chart is hanging around 50% Fibonacci level. When the triangle gets resolved we should see a move towards either golden ratio or 38.2% Fib level depending on the direction of the breakout.
- SILVER RESISTANCE LEVELS
- GOLD RESISTANCE LEVELS
S&P 500 Futures Chart analysis
- ES Daily shows price taking falling from resistance line is yet to fall below 20 day SMA. For bears need a breakdown below 20 SMA for a bigger fall.
- 4 Hour chart shows price taking support near the resistance line and 4 Hour cloud. For a possible trend change there should be a cloud breakdown.
- GOLD RESISTANCE LEVELS
GOLD Resistance levels
- Gold weekly chart nearing resistance levels.
- Price is near Weekly falling resistance line and 50 Week SMA.
- Price is also near the weekly cloud were many attempts to breakout has failed. Only a breakout above the cloud will ensure a bigger up move in gold.
- SILVER RESISTANCE LEVELS
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