September 18, 2012

EURUSD Weekly chart analysis

  • EURUSD Weekly chart shows price near weekly resistance line from 1.45 through 1.41.
  • Price is showing weakness near weekly cloud.
  • Last week candle has closed above 50 Week SMA So for bigger falls price must break below 50 Week SMA.

S&P 500 Futures chart update

  • ES One hour chart moving in a channel towards the up trend line shown in first chart.
  • It's corrective down move so Hour closing above the channel may give good up move.
  • Price is near 100 Hour SMA.

NIFTY Bullish Rounding Bottom

  • Nifty is testing the Golden ratio and price near previous high in weekly chart. Bears need a bearish candle at this level for the overbought indicators to be effective. 
  • Correction if limited to the red support line shown in second chart would still be bullish as that would give an ascending triangle pattern.
  • Last chart shows a bullish projection, a rounding bottom, The path drawn may not be the same i have just mirrored the path on the left hand side But holding above 5170 - 5200 levels this pattern is likely to play out.   

ES Chart update

  • ES Four hour chart shown with Fibonacci levels with price testing 23.6% Support level.
  • Price is moving in a range towards the up trend line before a bigger move could happen.
  • Last chart is the daily time frame with up trend lines. No weakness till price holds above the Green trend line.

CRUDE Oil Support levels

  • Crude oil Four hour chart shown with crucial support level near 93.95  -  94.10
  • 4 Hour chart 200 period SMA giving support.
  • More correction if 50 day SMA gets broken. Unable to break below 50 SMA will favor crude oil bulls. Bulls strong above 97 - 98 level.