- Silver daily chart shows price in a bearish descending triangle pattern.
- Weekly chart shows price testing crucial swing low.
- Price will turnaround in favor of bulls only if it breaks above 200 Day SMA. Staying below it will attract more selling.
- APPLE EVENING STAR CANDLESTICK PATTERN
-->
- Apple daily chart looks like price moving towards 200 Day SMA. Weekly chart too looks bearish as the stock is set to close below 20 Week SMA.
- Monthly chart is about to confirm a Bearish Evening start candlestick pattern. Price closing below 20 Month SMA will favor bears in the medium term.
- SPY ANALYSIS AFTER CLOSING BELL
-->
- Bank nifty Weekly MACD shows a bearish cross.
- Daily chart shows price below 50% Retrace level. Sustaining below this level may take price towards the golden ratio.
- Weekly stochastic is yet to become oversold so sideways to negative price action is likely to continue. Up moves or bounces are likely to face resistance at higher levels.
- SPY Reacting from 100 Day SMA.
- Bears of SPY are hoping that the bounce will find resistance at the broken SMA's like 20 and 50 Day SMA and thus forming the right shoulder of the Head and Shoulders pattern.
