Stock Market Chart Analysis

December 28, 2012

CRUDE Oil bulls testing the resistance line in daily chart.
Weekly chart shows price moving towards 50 Week SMA and the falling resistance line. If the resistance line in daily chart gets broken we could see a move towards 94 - 95 levels.

Dow Jones daily chart testing 200 Day SMA and crucial support level at 12977. Daily close below these levels could take Dow towards 50% Fib level as shown in 2nd chart.
A bigger fall looks likely if the pattern shown in last chart starts to perform. Two weekly candles before the current week candle tested the broken support line of the rising wedge and price failed to get back into the pattern, If price closes lower this week we may see the pattern taking effect again leading to bigger falls.

QQQ 4 Hour chart shows a bearish and price below crucial moving averages.
2nd chart shows price threatening to break the 4 Hour cloud. Sustaining below the cloud may extend gains for qqq bears.
Last chart shows potential Fibonacci support level for QQQ Bulls.

-->

USDJPY Bulls are enjoying a big up move.
But price is nearing serious resistance levels in monthly chart.
50 Month SMA , 23.6% Fib level in monthly chart and previous resistance level around 87 has to be crossed for continuing this up move.

IWM Daily chart shows price near 20 Day SMA.
Weekly chart too shows support at 20 Week SMA which is at 82.26 level.
Last chart shows price trying to stay above weekly falling resistance line. For bears price should fall back into the pattern and below 20 Week SMA for a bigger correction.
RIMM CHART UPDATE

-->

RIMM Daily trying to stay above the golden ratio area.
Up trend lines in daily chart also trying to stop the fall.
But for bulls reversing the effect of the weekly bearish engulfing is going to be hard work. They have to fade this engulfing pattern to resume the up move