January 9, 2014
- Price sustaining below 50 Day SMA will favor bears of Bank Nifty.
- Weekly MACD shows bearish alignment and Needs a weekly close below 5 week low EMA.
- Recent attempt to break above the weekly cloud has failed. For a bigger up move price must sustain above the cloud.
- Above Bearish View will weaken if price starts to trade above 50 Day SMA.
- Crude oil Hourly chart shows the strong down trend for the commodity, Daily and weekly charts are also looking bearish But they are at a crucial support zone. Price is testing the crucial 200 Week SMA and a support zone in daily chart. If these two levels are not held a bigger breakdown is possible in crude oil.
- ES Resistance levels