- EURUSD Four hour chart is showing a rising wedge pattern.
- Rising wedge is a bearish reversal pattern.
- If this pattern plays out we may see the US Dollar taking a bullish turn.
- A clear break below the support line can start the correction in this pair. 1.4470 is an important support level.
- SLV has taking a pause at 50 hour moving average.
- If price does not breach the moving average we will see an up move in SLV.
- Hour trend will turn down completely only if price manages to close below the cloud.
- RISING WEDGE OF ES
- ES Four hour chart with a rising wedge.
- Steep Trend line shows possibility of a correction.
- But price breaking above the resistance line will add bullishness to the chart.
- Rising wedge is a bearish reversal pattern, Bearish only if price breaks the support line clearly.
- CISCO - WEEKEND UPDATE
- MSFT Daily chart has closed above 50 and 200 day moving averages.
- But daily chart is showing resistance at 26.70 - 26.80 levels.
- Sustaining above the resistance band said above can take stock to the resistance line of the triangle shown in weekly chart.
- Price in weekly chart is contracting We will see big moves in MSFT once price break out of this weekly triangle.
- CISCO - WEEKEND UPDATE
- It seems nifty will give direction only on the last day of this series out of this consolidation pattern.
- Hour is close to the apex of a consolidation pattern So price should move out of this pattern by tomorrow evening.
- Price now stands closer to the support line So one more move towards the resistance line can be seen if the support line is held.
- If the support line breaks Nifty will move towards 5700. A sustained breakout above the resistance line can give good direction. US Markets have given a similar kind of breakout. We have to wait and see if nifty does the same or not.
- Nifty is struggling to close above 5900 because of the resistance confluence. The resistance line from 6338 and the Golden ratio for 6338 - 5176 level comes near 5900 level. When ever price comes across confluence of resistance or support it becomes hard for price to break above or below it. Thats why we are seeing the spikes above 5900 being sold off.
- Daily chart is also showing a range from 5693 - 5945. Breakout from this range and close outside it can give good direction for the index.
- SPY Daily time frame has closed above its resistance level in daily chart.
- Hour chart has gone above 50 Hour moving average.
- There is a GAP between 131 and 132. If todays breakout is real this GAP will remain as a run away GAP.
- Hour will turn negative only if price starts to trade below 50 Hour moving average and the GAP.
