CHART-II
Fall below 100 Hour SMA did not last long.
For now the hammer pattern in hour chart has saved bulls from a bigger correction.
CHART-I
ES staying below 100 Hour SMA will favor bears for extending this correction.
Trend line in hour chart too has violated.
For bulls price need to get back above 100 Hour SMA.
Dell is looking weak near the resistance line of the triangle pattern.
Stochastic indicator has reached overbought status.
So for bulls of dell what is needed is a breakout above the resistance line or face a correction towards the support line of the triangle pattern.
Crude oil Channel in daily chart is pausing near the resistance band of 102 - 104.60.
Price is still above 200 and 20 Day Moving averages.
Weakness in crude oil on closing the day below 20 Day SMA.
MCX Crude oil chart below this post
Nifty one hour chart shows smooth up move above 20 and 50 Hour SMA.
For bulls price has to stay above 200 Hour SMA for extending this rally.
Price is nearing the Golden ratio. This one too has to be taken out decisively by bulls for continuing this up move. Any weakness seen near golden ratio may give a good short trade.
Reliance Bulls staying above 5 day high ema will favor an up move MACD is also looking good for bulls.
38.2% Fib level is acting as resistance now. If it is crossed then price may move towards 50 Day SMA.
Bigger up move may happen only if price breaks and stays above 20 and 50 Day SMA.
Stochastic in Weekly time frame is moving down So this up move will face hurdles at important resistance levels.
