CHART-II
CHART-I
- Dow Jones has managed to pull back above its 200 hour moving average.
- CCI indicator shows positive divergence yesterday which has given an up move for Dow.
- If price sustains above 200 hour moving average we may see the rally continue up to the 50 hour moving average.
- Price closing below 200 hour moving average will strengthen the bears again.
- Positive divergence was discussed yesterday IN THIS POST
- ES Hour chart is trying for a pull back, But price should remain above the band of 1309 - 1312 for a meaningful up move to happen.
- Price falling below 1309 will favor bears.
- Price is trying to break above the 50 hour moving average and the cloud. Real strength for bulls could emerge once price closes and sustain above the cloud.
- Price if falls below the cloud again will give a good trade for the bears.
- Dow Jones Positive Divergence CLICK HERE
- Nifty is moving away from its 20 day moving average.
- Break of the recent low will take nifty below 5000 levels.
- Nifty is developing a similar type of consolidation pattern in daily chart, According to this pattern we may get support near the previous lows.
- Dow Jones is trading below its 200 hour moving average.
- Distance between 50 and 200 hour moving average is reducing which is a real concern for the long term bull.
- Price and CCI is indicating a positive divergence in the making But divergences to work needs the help of price. It is looking very oversold so expecting a relief rally soon towards the 200 hour moving average.
- SPY SUPPORT AND RESISTANCE LEVELS
