Monthly candle did gave a possible reversal formation last month but there was no price follow up for bears. Similar pattern shown on left hand side worked well for bears. For now bears need to stay above 123 and 121 levels for bigger falls to happen.
Week shows a broad range between 121 and 134 levels.
Daily chart on closing basis price contraction in an ascending triangle pattern. Closing outside these lines may give good direction.
First chart shows the weekly time frame. Price continue to create lower lows and if 311 is not held on closing basis more trouble for Tata steel bulls.
Next two chart shows price breaking below crucial levels in daily time frame. No strength for bull till price stays below 333 level.
ES 4 Hour chart shows price falling below crucial support resistance zone. This zone and the 23.6% Fib level shown in chart 2 will act as immediate resistance zone. Support is seen at 50 Day SMA and 50% Retrace zone.
For now the pair is not trending, Instead its in a broad range between 1.04 levels and 1.14 levels. Pair will favour bears on closing below 50 day SMA.
Nifty bounce continues but price is approaching crucial resistance levels. 2nd chart shows the falling resistance line and 100 Day SMA. Bulls simply needs to sustain above these two level son closing basis to weaken the other bearish possibilities shown in first and last charts.
Tata steel bearish price action. Staying below 50 day SMA will continue to favour bears. Next level to watch is 333. Minor strength if price is able to get back and close above 50 day SMA. Bigger falls possible if 333 is not held.
Weekly candle looks bearish. Bulls need to change the structure of the candle but they have only one session. Price if closes at the current levels or lower will lead to more falls in the coming weeks.
Chance for bulls to come back is above 351, More strength for bears below 333.
ES one hour and 4 Hour chart shows bulls hanging on to crucial support resistance zone. Bears need to close below this zone for bigger correction to follow.
