February 14, 2013

MCX Gold Analysis

  • First chart shows price nearing crucial support resistance zone between 1620 - 1630
  • Golden ratio in weekly chart is also around the same level.
  • Price has violated 100 Week SMA. Bears of gold need a weekly close below 100 Week SMA to extend the fall beyond the above mentioned support levels. 

EURUSD Support levels

  • EURUSD Testing crucial fib level.
  • Daily chart shows price at 50 Day SMA.
  • Daily chart is also nearing crucial support resistance zone between 1.3260 - 1.3290

BLACKBERRY Trend line and Golden cross

  • Black berry near crucial up trend line in daily chart.
  • Price is testing 50 Day SMA. Falling below 50 SMA will make the Golden cross weak.
  • Daily cloud too is a crucial support level. Taking support at the cloud or up trend line Black berry may start moving up again.

ES Rising wedge breakdown

  • ES Hour chart with Rising wedge has given a breakdown. First chart shows the immediate support or target levels for the breakdown.
  • 2nd chart shows a crucial support level in 200 Hour SMA. Bears need to break below this level for extending gains.

NIFTY Chart update

  • Nifty reacted well from the bullish engulfing pattern but failed to close above the crucial resistance levels of 50  Day SMA and 5 Day High EMA.
  • Fib levels for the current correction shows price getting resisted at 38.2% Fib level.
  • Fib levels for 5549 - 6111 shows support at 38.2% Fib level. Crucial support level is the 50% and 100 Day SMA confluence.

ES Chart update

  • ES Rising wedge has broken the support line But bears aren't getting follow up selling. As the second chart shows price continue to get support near 100 Hour SMA.
  • 4 Hour chart shows price yet to show real weakness and still moving inside a bullish channel which has to break for a meaningful correction to happen.

CRUDE Oil chart analysis

  • Middle Bollinger band or 20 Day SMA is acting as crucial support for crude oil. Falling below 20 SMA should result in a fall towards 94.96 level or to 50 Day SMA.
  • A Bigger correction may happen only if the support levels shown in 2nd and 3rd chart gets broken. Otherwise price is likely to remain in a trading range.