- Crude oil 4 Hour chart shows bullish price action. No weakness seen yet in this time frame.
- Weekly chart too is looking good for crude oil bulls. week candle managed to move above 23.6% fib level. Crude bulls need a weekly close above this level to extend gains.
- Next hope for crude oil bears is the 200 Day SMA.
- EURUSD Chart update: CLICK Here
April 30, 2015
- Bearish engulfing got follow up price action. Now bears need to close and sustain below 50 Day SMA for bigger falls to follow.
- If 50 Day SMA acts as support, Bearish engulfing will loose its strength.
- Weekly chart has negative divergence with price and RSI But for this one to work Weekly candle has to close below 127 and lower levels.
- ES Chart update: CLICK Here
- Daily chart need to close outside the range shown in first chart. Price will extend the down trend on closing below 8185. Closing above 8308 may result in a bounce.
- 50 Week SMA continue to hold. Bears need to close below this line for extending the fall.
- The broken broadening formation is looking good so far for bears. There can be a bounce towards the support line of the pattern or partly into the pattern before the next big fall can happen.
- Tata Steel chart analysis: CLICK Here
- Tata steel shows bearish price action in daily chart when price was testing 100 Day SMA yesterday. But there is still hope for bulls as price is above the rising support line in daily chart.
- Month candle looks bullish so far. Closing near the high's will keep the momentum intact into the next month.
- Most crucial thing for Tata Steel bulls is the channel resistance line in weekly chart. If price shows weakness at this line the correction may resume.
- Nifty broadening pattern: CLICK Here
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