August 30, 2013
- ES Hour chart shows a corrective up move which is forming a bear flag kind of pattern.
- Crucial resistance here is the 200 Hour SMA. Closing above this level may favor bulls for a bigger up move.
- Weakness near 200 Hour SMA may lead price towards the lows near the 50% retrace level shown in daily time frame. Bears will gains strength on closing below 50% Fib level.
- Tata Motors weekly chart is testing the resistance line of the triangle. Last breakout was not successful. Breakout on closing basis this time and a move above 315 - 320 levels may give a bigger up move for the stock.
- Weakness here may take price back towards the weekly cloud. Weekly cloud is acting as strong support for the stock. Holding above the cloud price is likely to move higher.
- Crude oil daily has fallen back into the range.
- 4 Hour chart also shows price falling back into the triangle pattern. Price closing inside the daily rang may give a bigger correction for crude.
- One hour chart shows price near Golden ratio and 50 Hour SMA. Breaking this level may extend the current fall.