APPLE Negative Divergence

• Hour of apple approaching resistance levels with negative divergence.
• But the hourly trend is safe for bulls as can be seen from the second chart.
• So One should wait for confirmation for divergence to take effect.
• AMAZON SUPPORT AT WEEKLY TREND LINE
  

AMAZON Support at Weekly trend line

• Above weekly charts shows strong support near 166 levels.
• Break of this level will be bad for bulls. But for now indicators and Fibonacci levels shows good risk reward ratio for a long trade.
• Today's closing is important as a bullish weekly candle here will confirm a short term bottom for Amazon.
• BANK OF AMERICA CHART ANALYSIS
  
• SPY TREND UPDATE
  

Bank of America Corp Chart Analysis

• Bank of America has given an up move yesterday.
• Weekly chart shows price testing the middle bollinger band. For bulls price shall close above Weekly bollinger band for a bigger up move to happen. Price getting resisted at Middle bollinger band and staying below 6.31 levels will favor bears.
• For bulls price should stay above the daily ichimoku cloud and 6.31 levels to continue the up move.
• SPY TREND UPDATE
  

NIFTY intraday Update

CHART-II

• Price took support near 50 Hour SMA. For bulls closing above 200 Hour SMA will extend the up move into next week. closing below it will keep price range bound.

CHART-I

• Nifty sustaining below 50 Hour SMA will favor bears. Bulls has to protect day low and take price above 50 hour SMA to avoid a bigger correction.
• Break of the Range discussed in an earlier post has given a downside breakout and a short trade.
• More falls if day low is broken again. 
• Price may target the gap between 4643 - 4676 if day low  gets broken. 
• For up moves 4725 - 4730 level which was broken may act as resistance. Bigger pull back can be seen if this level is taken out by bulls.

BANK NIFTY Support and Resistance levels

• For the short term 20 SMA is the support
• Resistance is 8626 and 50 Day SMA.
• 23.6% and 38.2% Fib levels may also act as support and resistance levels.