Elliott Wave Technical Analysis ! Nepse, GOLD, OIL, Forex, Crypto Currency

Friday, November 30, 2012

SILVER‏ (Spot) intraday: the bias remains bullish.

Pivot: 33.80

Our preference: LONG positions above 33.8 with targets @ 34.4 & 34.75.

Alternative scenario: The downside penetration of 33.8 will call for 33.5 & 32.9.

Comment: the RSI is bullish and calls for further advance.

Crude Oil‏ (Jan 13) intraday: the downside prevails.

Pivot: 88.70

Our preference: SHORT positions below 88.7 with 87 & 85.35 as next targets.

Alternative scenario: The upside penetration of 88.7 will call for a rebound towards 89.6 & 90.8.

Comment: as long as 88.7 is resistance, look for choppy price action with a bearish bias.

GOLD‏ (Spot) intraday: further upside.

Pivot: 1722.00

Our preference: LONG positions above 1722 with 1736 & 1745 in sight.

Alternative scenario: The downside penetration of 1722 will call for 1717 & 1706.

Comment: the RSI is mixed with a bullish bias.

Natural Gas‏ (Jan 13 - NYMEX) ST: as long as 3.45 is support look for 4.1

Our pivot point is at 3.45.

Our preference: as long as 3.45 is support look for 4.1.

Alternative scenario: below 3.45, expect 3.2 and 3.06.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace in the short term. The price is below its 20 day MA (3.69) but above its 50 day MA (3.53).

Copper‏ (Dec 12) intraday: further advance.

Pivot: 3.57

Our preference: LONG positions above 3.57 with 3.62 & 3.64 in sight.

Alternative scenario: The downside penetration of 3.57 will call for 3.54 & 3.51.

Comment: technically, the RSI is above its neutrality area at 50.

SILVER‏ (Spot) intraday: up turn.