Crude Oil (WTI) Technical Analysis 2012.02.02

The Crude Oil one hour chart shows a falling wedge that formed in the last couple of days.

This pattern is very reliable on the Crude Oil chart but a break above T3 trend line should occur in order to confirm a reversal. The internal structure of the wedge is made of five waves and if we correlate this with the Elliott Wave principle, the price reversal would indicate a rise up to $98.50 level (at least).

A good support is also offered by the longer T2 trend line.

Alcoa shares price could be cheap at $10.00. 2012.02.02

Alcoa shares traded yesterday close to the $10.00 support level, continuing though the few days of correction.

The medium trend still proves to be bullish as the price broke above T1 descending trend line. The first target is in the $11.20-$11.60 area and the $10.00-$10.30 area could turn out to be very profitable for the eventual buyers.

You can see the previous analysis of Alcoa here: http://markettechnicalview.blogspot.com/2012/01/alcoa-share-price-seems-cheap-for-how.html . 

Bank of America still aims for $8.40 target

The previous analysis of Bank of America (http://markettechnicalview.blogspot.com/2012/01/bank-of-america-is-on-its-way-to-840.html) showed a temporary resistance in the $7.4000.

The BAC share price declined for a few days and found support at $7.0400 level as the bulls managed to dominate the bears. Yesterday’s session retested the current resistance ($7.4000) and the eventual break of it will confirm the bullish trend resuming (on short term).

The first target still stands in the $8.40-$8.90 area.

SIF Transilvania (SIF3) Technical Analysis 2012.02.02

The SIF Transilvania (SIF3) shares price managed in the previous session to break the resistance area of 0.6100-0.6290 RON, thus transforming it into the first support area. 

On short and mid-term (few days or even months) the price could continue its increasing, but for finding suitable areas for buying it must be found the support areas for the price in which the potential buyers find the price attractive.

A buying scenario would be given by a successful retest of 0.6000-0.63000 RON support area, as the daily chart shows. In case that this scenario will come true, the target will be given by 0.7150 RON area, given by the length of October-November up-swing projected from the 12 December local lows (0.5000 RON).

SIF Moldova (SIF2) Technical Analysis 2012.02.02

SIF Moldova (SIF2) along with SIF Transilvania, is one of the best performing components of BET-FI Index of the last months, managing to recover almost the entire 2011 decline.

The mid-term trend (started in 04 October) is obviously ascending, but the buying at this levels is risky because of the last year highs which represents the resistance for the price. 

Also, the evolution price from the last session led to the creation of a doji type candle and a gap and this is typical for a reversion. THE UPWARD TREND CAN CONTINUE nevertheless, for safety, it should be set an exit level (sell) in case that we assist to a local high. The best and the most near level is given by the close session on Tuesday, at 1.3490 RON level.

SIF Banat-Crisana (SIF1) Technical Analysis 2012.02.02

The buying signal given on 12 January (http://markettechnicalview.blogspot.com/2012/01/analiza-tehnica-sif-banat-crisana-sif1.html) in the price area of 0.9240 RON has a yield of over 11.4%.

Last candle shape (hammer type) and the present price in the resistence area given by relevant Fibonacci levels and by previous highs give a signal for profit markup.

In case that 1.0000 RON level will settle as validated support (successfully tasted) will exist new buying opportunities with the target in the last year highs area (1,3000 RON area).

S&P 500 dirrection for the next days. 2012.02.01

This is an update of the previous analysis on S&P 500 Index (http://markettechnicalview.blogspot.com/2012/01/s-500-follows-bearish-scenario.html) that focused on the bearish pattern in progress (break-retest-continuation).

The current resistance area is between the $1,310-$1,315 levels and the T1 trend line. The first support is in the $1,300 area and an eventual break below it will confirm the further bearish outlook.

The start of the session and the end of the session will be very important in defining the investors sentiment.