October 26, 2012

QQQ Chart analysis

  • QQQ violates 200 SMA, Weekly Uptrend line and Crucial Fibonacci levels. Weekly close below these levels will help bears to extend this down move further. Fib levels shows next target of 38.2% near 62.70

EURUSD Chart analysis

  • EURUSD Testing 50 Day SMA.
  • Price is also testing the support line of a triangle pattern in daily chart. Price broke out of the triangle and came back into the pattern. Breaking below the support line should give a faster fall.
  • Daily cloud may also act as support for EURUSD.

ES Positive Divergence

  • ES one hour chart shows positive divergence with MACD indicator. This need price to sustain above 50 Hour SMA and the Hourly cloud for a meaningful bounce to happen.
  • Unable to sustain above 50 Hour SMA will continue to sell off.

Rounding Bottom of Nifty Futures

  • Rounding bottom of nifty futures is still in play.
  • First chart shown with more hits on the circle line. Today's low is crucial for this version.
  • Second chart though has more space for bulls. This one takes 5637 Futures low at the circle line and can have some more correction before price hits the circle line.

State Bank of India Chart analysis

  • Daily chart looks like a Descending triangle pattern.
  • Crucial support zone between 2171 - 2191.
  • Weekly chart shows price falling below 100 Week SMA. A close below this line should favor bears of SBI. Weekly stochastic too has given a sell signal and a possible fall towards Middle Bollinger Band could happen.

S&P 500 Analysis after closing bell

  • Crucial resistance levels was the previous support zone of 1422 - 1426
  • Crucial support zone for bears to further gain ground is 1396 level and 100 Day SMA.
  • 30 Minutes chart shows price doing a range and below the cloud. For a bigger bounce price should get back above the cloud. Sustaining below the cloud should favor bears for more breakdowns.

SILVER Channel and Trend update

  • Silver trending down in a 4 Hour channel.
  • Down trend will be strong as long as price sustains below the cloud of this time frame.
  • Immediate resistance level at 32.52 and 50 period SMA.