June 9, 2015

ES Trend update

  • ES Daily chart shows bulls trying to take support near 200 SMA and Golden ratio.
  • Hourly chart shows price continues to trade below the cloud. Bulls need price to move above the hourly cloud for a bigger bounce to happen. Unable to move above the cloud may resume the fall.

The Silver channel

  • Silver is at a crucial support line. Breaking below this will help bears to extend the weakness shown in weekly chart. Silver bulls need to move above the hourly cloud for a possible swing up move to happen from the support line.

NIFTY Death cross and support at the Neck line

  • The Death cross and Head and shoulders shows bigger bearish possibilities. But the neck line with an Oversold RSI may give a possible bounce in favour of bulls. Bulls need a bullish candle here or at the neck line to confirm strength.
  • Bears gets more strength on a weekly close below 7961 level.