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Showing posts from May, 2012

MCX Copper in Double Correction

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 MCX Copper continuous hourly chart From the above chart, the red metal is moving in a lower high and lower low formation and it is precisely moving in a falling channel Recently the metal faced the resistance of the channel and has broken the support today which opens further negative possibilities. As per wave theory, prices are moving in double correction pattern as per the chart (a-b-c-x-a-b-c) After completing first correction, prices formed wave x close to 740 levels and now since all the important supports are broken it is very much evident that prices are poised to falter and can move below its previous low in form of wave a of second correction. The summation is prices are poised to plunge near till 680-670 levels as far as 733 is intact on the upside.

Daily Technical Report 7th May 2012

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S&P CNX NIFTY – Daily Technical Report   7 th May 2012 Indices Close % Chg. BSE Sensex 16831 -1.87 CNX Nifty 5086 -1.96 India Vix 21.12 9.71 Moving Averages CNX NIFTY 20 EMA 5271 Negative 50 SMA 5295 Negative 100 SMA 5142 Negative 200 SMA 5118 Negative Nifty Technical Levels Levels 1 2 3 Resistance 5251 5290 5322 Support 5127 5090 5078 Nifty Pivot Points for Intraday Levels 1

Daily Technical Report 4th May 2012

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S&P CNX NIFTY – Daily Technical Report   4 th May 2012 Indices Close % Chg. BSE Sensex 17151 -0.87 CNX Nifty 5188 -0.97 India Vix 19.25 3.82 Moving Averages CNX NIFTY 20 EMA 5271 Negative 50 SMA 5295 Negative 100 SMA 5142 Positive 200 SMA 5118 Positive Nifty Technical Levels Levels 1 2 3 Resistance 5251 5290 5322 Support 5127 5090 5078 Nifty Pivot Points for Intraday Levels 1