March 25, 2015

Crude oil update

  • Crude oil bulls testing 50 Day SMA.
  • Price has to close above the cloud and 100 SMA for the current up move to sustain.

CRUDE Oil near resistance levels

  • Crude oil testing the broken support zone as shown in 4 hour time frame. This level may act as resistance.
  • Hour is showing good up move above the cloud. Breaking below the cloud at this juncture may lead to a bigger correction.
  • Bulls in daily chart is moving towards the daily cloud. Price is likely to target an area of cloud which looks thinner. If gets tested this level may not stop bulls from doing an upper breakout.

S&P 500 Futures chart analysis

  • ES Violated 200 Hour SMA.
  • Price likely to test range bottom if hour closes lower.

  • ES one hour chart shows price testing 200 Hour SMA. Bulls need to protect this line for an up move to happen.
  • Price may move to the bottom of the range if the above mentioned levels are not held.

Bank of America Chart analysis

  • Bank of america near multiple support levels.
  • Weakness below 15.62 level. Bulls must protect 14.97 to avoid bigger correction in BAC.

COPPER resistance at 200 SMA

  • Weekly chart of copper shows weakness as price moved towards previous support level.
  • Daily chart too showed weakness as price reached 200 SMA.
  • Last chart shows price trying to stay above falling resistance line. Bulls must stay above this line for another attempt to break above 200 SMA.

NIFTY Chart update

  • Daily candle looks like a reversal formation. Bulls missed a Gravestone Doji by few points. All these reversal formations needs follow up price action according to candlestick rules. So today has to be a bullish day to confirm a reversal. Other advantage for bulls is the presence of 100 SMA here. Bulls need to stay above 100 SMA to remain strong.
  • 20 Week SMA is at 8569. Bulls need to stay above this to avoid bigger correction.