CHART-II
- Price not sustaining above 50 Hour moving average.
- Triangle is favoring bears.
CHART-I
- ES Hour in a triangle pattern
- One can also spot a potential Inverted head and shoulders pattern.
- Break below the support line will favor bears.
- Break of the resistance line will be both a triangle as well as an IHNS breakout which will favor bulls
- Apple Daily is falling after the bearish engulfing
- Weekly chart is also developing a bearish engulfing pattern.
- Last week candle was a bearish shooting star candle.
- Price will be under pressure as long as it stays below 20 day moving average.
- Bigger falls may be seen if week closes below 325 - 327 level.
- PREVIOUS ANALYSIS ON AAPL
- First chart is four hour time frame with 10 and 21 period moving averages. The candle at the swing low seems to be a powerful reversal candle. If price stays above 10 period moving average we may see trend turning in favor of bulls.
- For bears price should stay below 1290 which is near the Golden ratio in daily time frame.
- SPX ANALYSIS AFTER CLOSING BELL
CHART-II
- Now price should sustain above 5542 level for moving towards 5575 - 5580 level.
CHART-I
- Nifty hour with a bullish consolidation pattern.
- Bull flag will be strong and favor bulls till 5479 is not breached.
- Breaking the resistance line and staying above 5442 will favor bulls.
- For bears breaking the dotted support line inside the pattern will give some profits. But bigger profits only if they manage to break below 5479 level.
- Nifty took support at 20 DMA. But if this level gets tested repeatedly it may not hold.
- At the top ichimoku cloud is acting as resistance. Price unable to pierce the cloud at the moment.
- So it is still in that neutral zone. Lets wait for price to give a clear direction.
- NIFTY WEEKEND UPDATE
- SPX Daily has closed below the support level of 1294
- This is the 4th consecutive bearish candle for SPX. Hour chart is trending down within a narrow channel.
- Only relief for the bulls is the mild positive divergence that is developing in 15 Minutes chart which might result in a small bounce. For any larger bounce price should trade above the narrow channel shown in hourly time frame.
- SPY TREND UPDATE
