March 4, 2014

CRUDE OIL Chart Analysis

  • CRUDE Oil daily chart shows weakness at golden ratio.
  • Bigger fall only if price starts to trade below the up trend line and 20 Day SMA. Taking support at these levels will keep the up trend intact.

GOLD Resistance levels

  • Gold daily chart shows price near recent swing High.
  • Bigger weakness only if price starts to trade below 20 Day SMA.
  • Gold bears need a bearish weekly candle at weekly cloud for a bigger fall to happen

HINDALCO Buy Signal and Resistance levels

  • Hindalco weekly chart suggests a short term bottom in place. Daily chart shows MACD indicator giving a buy signal after positive divergence
  • But price is still trading below 200 and 50 Day SMA's at 108 and 109 levels. This level must be crossed for bulls to extend the up move.

Nifty Chart update

  • NIFTY Shows weakness at the 78.6% Fib level. For bulls price must close back above this level for extending the current up move.
  • Bears need price to close below 50 and 100 Day SMA as shown in chart one for a bigger down move to happen.
  • Price continues to trade in the range. For now price is near the resistance level of the range.