Technical Talk: Daily update (Monday, June 20, 2011)

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Adam Hewison, charting strategist of INO.TV, brings you another edition of his invaluable service of daily technical updates on the ups and downs of various markets. This short analysis is a great tool for keeping one’s finger on the pulse and timing the markets. I have personally been using the INO/Market Club software for about two years and can vouch for these tools being extremely useful.

Click the image below to hear Adam’s buy recommendation on the Malaysian Index and his latest views on gold , silver, the US Dollar Index, the CRB Index, crude oil and the S&P 500 Index. Also, click here to have an instant analysis of any ticker symbol in your portfolio performed by INO.

Here is a summary of his technical outlook:

• SP 500: -60. The market action continues to reflect a trading range. The market is at the lower end of the Donchian channel and is oversold, so we may see a rally to resistance around 1,300. Major downside support is at 1,250.

• Silver: +55. I would watch this market very carefully as I feel that it is probably at the lower end of its range. We would use the Donchian channel as support. We may bounce around for another couple of weeks but come July I think we’ll see silver on the move. Near-term resistance at $36.00; support at $34.00.

• Gold: +90. All systems are go for gold and we expect this market to do better. The Donchian channel has resistance at $1,353 today; major support at $1,513.

• Crude Oil: -90. The trend in crude oil is clearly down with all of our Trade Triangles in a negative position. However, the market is heavily oversold and at the lower end of the Donchian channel. We would expect to see a bounce from current levels but would like to see more positive action.

• US Dollar Index: -65. Our indicators are still negative longer term for the dollar. Minor support at $74.00; major support at $73.00. Big resistance at $76.00.

• CRB Commodity Index: -70. We are at the lower end of the Donchian channel and the market is oversold. We would not rule out some sort of bounce from current levels. Market still appears to be in a broad trading range.

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Source: INO.TV, June 20, 2011.

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