August 7, 2013
- ES Testing 100 Hour SMA. Four hour is moving like a channel breakdown of which may trigger a bigger fall.
- Daily chart shows crucial support at 23.6% Fib level. Bigger weakness can be confirmed only when price starts to trade below this level.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Next level to watch for Bank Nifty is 9600. Closing below 9600 price could head towards 9100 levels as shown in first chart.
- Fib level shows price below Golden ratio. Sustaining below this level price may target the 38.2% Fib level.
- Weekly stochastic looks oversold But price yet to show any strength yet.
- First chart shows bearish price action in daily chart But daily TF is yet to close below 20 Day SMA and the crucial swing low of 1676.
- Immediate support at 20 Day SMA which is at 1688. So initial weakness on closing the day below 1688 levels.
- CRUDE OIL CHART UPDATE