- Crude oil 4 hour chart continues to be in an up trend. Larger time frames are yet to turn bullish.
- Weekly chart is trying to form a double bottom pattern.
- Price is pausing at 23.6% Fib level for about 3 weeks now which is a cause of concern for crude oil bulls. But price yet to give any bearish price action at this level.
- EURUSD Resistance levels: CLICK Here
April 28, 2015
- As first chart shows the dips or corrections have not affected the trend and price manages to move above key Swing high's. Right now price is testing another swing high.
- More strength for bulls on a daily close above 133.6 levels and Weakness below 131.5.
- Daily RSI is moving to the strong zone above 70%. If RSI stays here price will move up further. Weakness if RSI falls back below 70% Line as explained in chart 3.
- ES one hour chart shows price trying to stay above rising support line and previous resistance is trying to act as support.
- 4 Hour chart shows rising support and resistance lines. As long as price stays within this pattern there will not be big moves. Bulls will remain strong as long as price holds above the rising support line of the pattern in 4 Hour chart.
- Nifty has closed below 200 SMA.
- Bulls now has to try to protect the up trend line shown in weekly chart. Which is going to be a tough task considering the strong down trend in place.
- Month chart need to close below 8269 to confirm or strengthen the bearish engulfing pattern. Already previous month low of 8269 is broken staying below this level will strengthen bears further.
- TATA Steel Chart analysis: CLICK Here
- Weekly MACD of Tata Steel shows a Beautiful bullish cross. For this bullish signal to work price need to stay above the falling resistance line or the channel resistance line.
- Daily chart too shows potential resistance line in 100 Day SMA. So more strength only on closing above these two levels.
- Nifty Chart analysis: CLICK Here
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