- Apple hour chart with 50 hour moving average.
- Price is testing the moving average line. But stock has support near 348 levels.
- 50 hour moving average has been giving good support till now. Dips below this moving average has been bought So we may see the price turning up from 348 levels.
- Below 348 next stop is at 345
- SPY CHART ANALYSIS
- QQQQ 15 minutes chart withe resistance lines in red and the supporting trend line in blue color.
- Break of red lines shows the steady up move QQQQ has been doing. If price breaks the red line again it will take one more step in favor of bulls.
- Break of the supporting trend line will be negative for the bulls.
- TREND LINES OF SPY
- First chart is the daily chart of SPY shown with the trend line in daily chart. Bulls will remain strong above this trend line.
- Next chart shows the channel in weekly chart. Price is moving towards the resistance line of the channel. If price does not violate the trend line drawn in daily chart it will target the resistance line shown in weekly chart, which can take SPY above 139 levels approximately.
- Weakness will be seen only if the trend line in daily chart gets violated.
- Nifty closes above 20 day moving average.
- 38.2 Fibonacci retrace level is also achieved.
- Now comes another band of resistance for nifty this is from 5556 - 5635 levels this is including the 200 DMA. So a successful close above this level will add to the strength of the pull back.
- For bears they should consider this as a rebound to the 200 DMA and shall wait for weakness to be seen before selling again.
- BANK NIFTY FUTURES UPDATE
