January 28, 2014

Bank of America Trend update

  • Bank of America weekly chart shows price getting resisted at channel resistance line.
  • Daily chart shows price near crucial support levels like 50 Day SMA and previous resistance level at 15.98. Bears must break below these levels for extending the fall.
  • Immediate resistance level is the broken 20 Day SMA. Bullish if price is able to get back above 20 day sma.

FACEBOOK Chart update

  • Facebook Weekly chart shows price taking support at 20 Week SMA. This line should be held on weekly closing basis for a bigger up move to follow.
  • Daily and 4 Hour charts too shows price near crucial support levels. If these levels are held a bigger trading bounce is possible in Facebook.
  • GOLD Trend analysis

ES Support and Resistance levels

  • ES 30 Minutes cloud has acted as resistance so far, But now price is trying to stay above it.
  • One hour chart shows price below 50 Hour SMA. Price must break above 50 Hour SMA and the shaded resistance level for a bigger up move to happen.
  • Daily chart shows bulls struggling to protect 100 Day SMA. 
  • GOLD Trend analysis

NIFTY Chart analysis

  • Weekly Chart with MACD shows a bearish cross.
  • Price in daily chart is near range bottom and 100 Day SMA. If the Bearish cross in weekly chart is to work well, The support levels in daily chart are not going to be held. So look for more weakness on price closing below these levels.
  • Bulls need to stay within the range or above 100 SMA to avoid further correction.

SPY Analysis after closing bell

  • As the first chart shows price is at a crucial support zone. 100 SMA and the cloud adds importance for this support zone. 
  • For bulls of SPY its crucial to hold above these levels as breaking them may affect the bullish structure in higher time frames. 
  • ES Chart UPDATE