- SPY Triangle pattern in 30 Minutes is near the apex of the pattern may give direction soon.
- Hour chart shows price moving in a channel with negative bias.
- Price is near the resistance line, Unless a breakout happens price is likely to move down towards the support line of the channel.
- Nifty hour is finding resistance at 50 Hour moving average.
- Hour chart with Fibonacci levels too shows 38.2% acting as resistance .
- Bulls has to stay above these levels for moving ahead otherwise we may see some selling emerge.
- Nifty futures hour chart with MACD
- Price may try to hit the upper resistance line if positive divergence works.
- Real gains for bulls only if they manage to stay above the resistance line. Getting resisted at the resistance line will the perfect entry for bears.
- Bears of bank nifty are threatening to break some important supports.
- 10430 in weekly chart on closing basis will favor bulls and then they will be going for 9870 levels.
- Break below that will change the trend in favor of bears and that means the end of this great up trend started from 3500 levels.
- But lets wait and see if they are able to close below 10430 levels first and then take the next action.
- LARSEN & TUBRO CHART
