Stock Market Chart Analysis

October 3, 2011

Nifty's Fibonacci fan shows some more downside for nifty before it takes support.
There is a trend line too from 2252 through 2539 which might act as a support level.
S&P 500 WEEKEND UPDATE

Daily chart is on the verge of a breakdown. Line chart shows price closing exactly at the support line. So it should either give a bounce or breakdown in favor of bears.
Like last week 1100 becomes important for the next week as well. Recent closes below 200 week sma has resulted in some buying, Bulls will hope for the same to happen again.
Stochastic in four hour chart is yet to become oversold. Stochastic has worked well in this time frame till now because of the range. If price holds this range then stochastic will again trigger a buy. But range breakdown will keep stochastic oversold and price will keep falling.
CATERPILLAR CHART ANALYSIS

CHART-II

Up move did not last long as the trend in higher time frames are down. Price got resisted and closed near the bottom of the channel.

CHART-I

Hour is moving up from oversold levels.
Price is moving towards the resistance line of the channel
for bears price should stop at the resistance line. Breaking above the resistance line may extend this up move.

Price not able to close above 20 Day Moving average.
Price falling below 114 will increase the risk of a breakdown for bulls.
110.27 is the final support before the big fall. Price taking support and closing the day above 20 Day sma may give hope for bulls.
Indicators like MACD and Stochastic are in neutral territory because of the range.

Nifty is in the middle of the range with both bullish and bearish possibilities.
Price closing above 50 Day Moving average will favor bulls.
Falling below 4900 will be negative for bulls.
Bullish engulfing and closing above 5 day high ema Needs follow up buying as nifty is in the middle of the range.
GOLD SUPPORT AND RESISTANCE LEVELS