January 11, 2013

ES Hour chart analysis

  • ES one hour chart with support and resistance lines.
  • Price sustaining above 50 Hour SMA and the cloud may lead to an upper breakout.
  • For now price is testing the range breakout. If price closes back into the range we may see a bigger correction for the false breakout.

CRUDE Oil Chart update

  • Crude oil violating the weekly resistance line. Bulls need a close above this line for extending the up move. Price closing the week back into the pattern will favor a short trade.
  • Price also testing 100 Week SMA. A Bearish weekly candle at this stage may favor bears of Crude oil. For extending the up move price must close the week above 100 Week SMA.

BANK Of America Chart analysis

  • First chart shows price trending up above the up trend line.
  • Second chart shows a MACD sell signal and price testing 20 Day SMA. For bears of BAC Price need to sustain below 20 Day SMA for a bigger fall.
  • Last chart shows weekly chart with Fibonacci fan. Price showing weakness at 50% Fib line.

FACEBOOK Resistance levels

  • The Bull Flag of Facebook continues to perform well as shown in last chart.
  • Next crucial resistance levels are shown in first chart they are 32.88 and 33.45
  • Fibonacci levels shows price testing 50% Fib level. Trading above this level on closing basis may target the Golden ratio.

NIFTY Intraday update

  • Nifty has closed one of the GAP's which was created during the current up move.
  • Sustaining below 5947 Nifty is likely to close the next GAP between 5963 - 5982.
  • Price may fall to the rising trend line shown in the last chart.
  • 200 Hour SMA of one hour time frame is also likely to act as support. A bigger fall if price closes below this line.

TCS Chart analysis

  • TCS Testing 200 Day SMA.
  • Weekly chart forming a bearish engulfing pattern, Bears need a close at the current levels or lower to confirm the pattern.
  • Price is also near 50 Week SMA and an up trend line which may try to save bulls from a bigger correction.