50 levels is crucial for crude oil as can be see in the Monthly chart. 78.6% Fib level comes around 50 levels. Daily close below this level may extend the fall. Crude oil bulls need to hold above 50 levels to stop further correction.
Daily and 4 Hour time frames continues to trend in favor of Crude oil bears.
Bank of america daily chart shows a bearish engulfing pattern. Pattern for now does not have volume spike.
Weekly chart shows price testing the swing high near 18 levels. If weekly chart confirm weakness another dip towards the rising trend line is possible.
After correction if the rising trend line holds a bigger breakout is possible from this weekly bullish pattern. In the very short term if 18 is not crossed it may give a correction.
Weekly charts of tata steel is at a crucial support level. Price is testing the cloud and 50% Fib level. Usually stock bounces if it pauses near the cloud base.
But one must be careful here as the daily trend is still down. 3rd chart shows a price range. Bulls need a breakout from the range. If price pauses near the upper resistance line the down trend may continue.
Bank nifty weekly chart shows good negative divergence. This Divergence is shown only for a guidance, trading based on it can be risky as it may take time to confirm the divergence.
Immediate support levels are 20 Day SMA and 18410 level. Weakness in daily chart if price closes below these levels.
