November 6, 2012

QQQ Chart analysis

  • QQQ 4 Hour chart shows price getting support between 64.60 - 65.30 zone.
  • Price continue to trade in a descending channel. Price has to break above the channel resistance line for changing the lower high lower low formation.
  • 4 Hour chart shows key resistance line at 200 Period SMA. Bulls need price to sustain above this line for a bigger up move to happen.

BIDU Support levels

  • Bidu weekly chart shows support between 99 - 101 levels.
  • Price also has the weekly lower bollinger band near this level.
  • If holds above we may see an up move.
  • Breaking this level on daily closing basis may push the stock towards 93 levels initially.
  • The whole structure in weekly chart looks like a giant Topping pattern which is bad news for the bulls of BIDU.

S&P 500 Futures daily chart analysis

  • Bears are Seeing a Bearish cross with 20 and 50 Day SMA which will be effective as long as price stays below 50 SMA.
  • Bears are also seeing a Bearish Head and shoulders pattern for that too 50 SMA is important above which pattern will become weak.
  • Bulls are only seeing a range. Price stuck on the bearish side of the range. Price on moving above the shaded portion and 50 SMA should give enough momentum for a breakout.

State Bank of India Chart Analysis

  • First chart shows price near resistance line which may stop bulls from a bigger up move.
  • Price is near 5 Day High EMA which has acted as perfect resistance in recent times. Bulls need a daily close above this level for a bigger up move to happen.
  • For daily bears need another close below 200 Day SMA for a breakdown. On weekly closing basis bears need to close below 20 Week SMA for a bigger down move.
  • S&P 500 EOD UPDATE

S&P 500 Analysis after closing bell

  • SPX Bears Doesn't get a follow up for the bearish engulfing pattern. Instead price is trying to hold above 1395 - 1403 zone.
  • 100 Day SMA too is crucial as it is inside the above mentioned support zone.
  • For bears 20 and 50 SMA has given a bearish cross But price has to hold below 50 SMA for a bigger down move to happen.
  • EURUSD Support levels