May 12, 2014

SILVER waiting for a big move

  • First chart of silver shows price near the apex of a contracting pattern. Price is likely to give a big move soon.
  • Immediate resistance at 50 Day SMA
  • Crucial support at weekly lower bollinger band.

EURUSD Chart analysis

  • EURUSD Testing crucial support levels.
  • More falls on price falling below 20 Week SMA.
  • EURUSD Bulls need a daily reversal candle here for bigger bounce to happen.

ES Resistance zone

  • ES Resistance levels and Immediate support level at 30 Minutes chart

GOLD Chart update

  • Gold testing 50 day SMA again.
  • Daily chart also shows price nearing 38.2% Fib level  and Daily cloud which are potential resistance levels 

TATA Steel Near Resistance zone

  • Tata Steel is likely to position itself near the resistance zone as we get close to the news event. Stocks like these are giving no clear clues. 
  • Weekly chart looks bullish But the Daily chart shows a clear range, If any bad news comes price can fall back to 332 levels with ease. The margin levels for trading these instruments are also likely to increase so its time to be cautious.

Bank of America breaking support levels

  • Bank of america weekly chart shows price violating crucial support lines.
  • Price has closed below 50 week sma.
  • Next hope for bulls is the weekly cloud which may act as support.