February 1, 2013

AMAZON Bearish Price action

  • Amazon weekly chart shows a bearish candle. Price falling back into the contraction pattern.
  • Daily chart is testing previous resistance level near 264 which may act as support.
  • Price near 50 Day SMA Crucial support of daily chart. Holding above these levels may lead to an up move. Daily close below 50 SMA will extend gains for Amazon bears.

COPPER Triangle pattern

  • Copper testing resistance line of weekly triangle
  • Daily chart has a golden cross.
  • Price testing 78.6% Fib level, Sustaining above this level may lead to a breakout.

CITIGROUP Chart analysis

  • CITIGROUP Daily chart in a trading range.
  • Crucial supports in daily chart are the unfilled gap and the rising 50 Day SMA.
  • Weekly chart shows price above golden ratio. Sustaining above this level could lead to 78.6% Fib level. Weakness on trading below golden ratio which means price must also break below the GAP and 50 Day SMA Shown in second chart.

DOW JONES Resistance levels

  • Dow Jones hitting a possible resistance line in weekly chart.
  • Second chart shows price and the Triple Divergence which was discussed  in an earlier post. For the divergence to work well, Daily MACD has to give a sell signal and price has to move towards 20 SMA.

NIFTY Intraday update

  • Price near support levels in hourly charts.
  • Price has violated 200 Hour SMA.  Next support is near 38.2% Fib level. Breaking this level may give 5988 and 5966 levels.
  • Holding above 6007 levels may save bulls from a bigger fall. 

NIFTY Chart analysis

  • Price has violated the support line of the contraction pattern.
  • Crucial support for the day is at 20 day SMA and 6007  levels.
  • Weekly chart is shown with Week Low EMA AT 5964.

S&P 500 Analysis after closing bell

  • SPX One hour chart shows weakness as price falls below 20 and 50 Hour SMA.
  • Weakness in hour may move into the Daily time frame and price may test the rising support line or the 20 Day SMA as shown in the second chart.
  • Last chart shows MACD in daily time frame getting ready for a bearish cross which will be effective if price starts to trade below 20 day SMA.