July 9, 2013

GOLD Triangle update

  • Gold gave a breakout from the triangle in four hour chart. Price is now retesting the triangle resistance line which may act as support for this correction.
  • Fib levels shows resistance at 38.2% Fib level which must be crossed for a bigger up move to happen. Weakness on price falling below 23.6% Fib level.

APPLE Chart update

  • Strength on price closing above 50% Fib level and 423 level.
  • Weakness below 50 Hour SMA and Hourly cloud.

ES Chart analysis

  • ES nearing its resistance level in daily chart.
  • Sustaining above 50 Day SMA should lead to a breakout above the resistance level shown in first chart.
  • Fib levels shows price between Golden ratio and 78.6% Fib level this area is a possible reversal level so Bulls must move above 78.6% Fib level sooner to avoid a correction.

SBI Chart analysis

  • SBI Testing crucial support zone in weekly chart.
  • Weekly indicator is in oversold zone but price shows no reversal yet.
  • For the daily strength above yesterday's High(1881) and previous support of 1892. Weakness on sustaining below 1850. Trend in daily chart will weaken only on price closing above 5 Day High EMA Which is currently at 1929.

INTEL Chart analysis

  • INTEL Daily breaking below crucial support levels.
  • But price may get a bounce from 100 Day SMA and Golden ratio before the fall resumes again.
  • For bears need a daily close below 100 Day SMA for a bigger fall to follow.

GOLD Triangle pattern

  • 4 Hour chart shows price in a contracting pattern and price near the apex of the pattern. 
  • Sustaining above 23.6% Fib level and 4 Hour cloud may give a bigger up move in Gold.
  • Weakness on price falling below 23.6% Fib level and triangle support line.