April 4, 2013

CRUDE Oil Triangle update

  • Crude oil correction from Triangle resistance line.
  • Price is at 200 and Day SMA and nearing triangle support line.
  • For a bigger fall price must breakdown below 200 SMA and Triangle support line.

FACEBOOK Chart update

  • Facebook has broken above the resistance line.
  • 4 Hour chart also shows price testing 50 period SMA. Price must sustain above this line for a bigger up move to happen

ES Chart update

  • For ES bears price must sustain below the broken 100 period SMA.
  • 4 Hour chart shows bulls trying to hold above 23.6% Fib level.
  • Hour chart shows price falling from 50% Fib level.

IWM Chart update

  • IWM Closed below 50 day SMA.
  • Immediate support levels are the 23.6% Fib level and swing low of 88.79.
  • If the weekly candle closes around the current levels or lower then correction could extend towards the earlier resistance level of 86 as shown in last chart.

BANK NIFTY Chart Update

  • Bank Nifty Daily chart shows bearish cross with 20 and 50 Day SMA. 
  • 50 Week SMA is a crucial support level.
  • Oversold stochastic need price to hold above 50 Week SMA and support level to hold for an up move to happen.

S&P 500 Analysis after closing bell

  • SPX Testing 23.6% Fib level.
  • Price correction followed by clear negative divergence with Price and RSI.
  • Recent falls like this has limited itself to the Daily Lower bollinger band. Price is likely to test this level again.

GOLD Trend update

  • Gold daily chart shows price continues to break support levels.
  • Daily chart also shows Ichimoku cloud acting as strong resistance levels.
  • Weekly chart shows a possible support level between 1522 -  1532.