- Silver is falling off a cliff. Hour chart looks really bad for bulls.
- Day has fallen below 20 day moving average.
- Today's candle has engulfed many candles. Closing at the lows of the day will strengthen the bears further.
SILVER Chart Analysis
SPY Support level
CHART-II
- Weekly support level mentioned in the below chart did not hold for long.
- Price violated that level and closed the day below it
CHART-I
- SPY Weekly chart shows support around 121.70 levels
- This level may hold for sometime.
- Next leg down will happen only if this level is taken out.
Head and Shoulders of United States Oil
CHART-II
- When i did this post i never believed this HNS would do this well for bears. And many readers said the same thing. And it ended up a perfect HNS pattern.
CHART-I
- USO Daily chart is showing a head and shoulders pattern.
- Knowing the reliability of Head and shoulders these day's one should be careful before shorting.
- 34.75 - 35.15 are may give support. Price closing below this level will give good gains for bears.
ES Unable to change the trend
- First chart shows the reversal attempts of ES getting rejected above 50 Hour moving average.
- Price is also getting rejected by the cloud.
- Trend will turn in favor of bulls if price is able to sustain above the cloud.
- S&P 500 ANALYSIS AFTER CLOSING BELL
NIFTY Intraday Update
CHART-IV
- Nifty has filled a GAP between 5330 - 5348 which was created in June when the up move from 5195 started.
CHART-III
- Support line of the wedge is broken and price has filled a GAP in chart shown in the above chart.
CHART-II
- Price continue to remain inside the wedge.
- Breaking the support line will extend correction. If price gets support here we might see an up move.
CHART-I
- Nifty spot in a falling wedge like pattern.
- Breakout above the resistance line can give good up move for bulls.
- For bears the dotted line and the support line of the wedge should be broken.
NIFTY Daily Analysis
- Nifty staying below 5 day low EMA will favor bears.
- Stochastic is showing oversold readings. But price has not shown any signs of a reversal yet.
- Candle looks like a spinning top which shows indecision and sometimes leads to reversal of current trend.
- Price closing below 5400 will strengthen bears.
- S&P 500 ANALYSIS AFTER CLOSING BELL
S&P 500 Analysis after closing bell
- Candlestick of the day shows strong buying @ lower levels.
- But for bears this has taken place at their backyard which is below 200 DMA.
- So this bullish reversal candle might have strength only for a retrace towards the Broken 200 DMA.
- Real strength for bulls can be seen only above 200 DMA. So retrace towards 1285 levels is likely to get resisted there.
- Price is still staying below the cloud and 50 period moving average in 30 Minutes time frame. These levels should be taken out first for continuing this bounce.
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