ES Near 50 hour moving average

• ES Hour chart is trading near 50 hour moving average.
• Maximum this bounce can go is till 61.8% fib level.
• For now price has to sustain above 50 hour moving average and 38.2% Fib level.
• SPX DIAMOND PATTERN
  
  

Nifty Futures intraday update

• There is a band of support for NF between 5400 - 5420.
• This area was violated once and NF went below 5300.
• Next big correction can happen only if This support area gets broken.
• TATA STEEL CHART
  
  
  
  

TATA STEEL Update

• Tata steel shows a negative trend line break.
• But major correction may happen only if price slips below the band of 584 - 594. This band includes the 200 day moving average.
• BANK NIFTY TRIANGLE PATTERN
  
  

BANK NIFTY Triangle pattern

• Bank nifty is moving up and down in a triangle pattern.
• Right now price has hit the resistance line of the triangle.
• A fall towards 10400 levels may take place if 10658 gets broken.
• Breakout from the triangle can also give good direction. Being a triangle one should be careful of a false breakout.

GOLD Breaks the cloud

• Gold has broken the cloud in four hour time frame.
• Bulls of gold will be under pressure if price sustains below the cloud.
• 1400 is an important support level.
• If 1400 is protected an up move into the cloud can be seen shortly.