- Apple bulls managed to close another day above 200 Day SMA. Recent attempts like these has failed to sustain above this moving average.
- Weekly chart also shows a falling resistance line which may stop bulls from a bigger up move from happening.
- For a bigger rise price need to sustain above the weekly falling resistance line.
July 30, 2016
- Nifty Month chart shows price completing another bullish month. Question is will Nifty bulls form the 6 the Bullish candle.
- Weekly chart continues to show divergence But price yet to show a lower low. Price continue to inch higher.
- For next week last candle high 8674 is crucial. Staying above it is bullish. For bears need to do more. For a possible reversal or weakness to confirm price must trade below last weeks candle.
July 29, 2016
- USDJPY Daily resistance line and cloud acted as resistance for the pair. News event did not take the pair above its daily cloud.
- Now crucial support for the pair is at 100 as discussed in yesterday's post. the 50% Fib level in month chart is at 100. Further weakness for the pair only if price starts to trade below this level.
- One hour continues to trend in favour of crude oil bears. All consolidations are resulting in new lows for this time frame.
- Daily chart is near 200 SMA. For now 200 SMA is around 40.40 levels approx.
- Weekly chart shows the possible formation of an Inverted Head and Shoulders pattern. Current fall if limited to the 200 SMA or around it there could be a reversal to form the right shoulder of the pattern. But if price starts to close below 38 levels this possibility will start to faint.
- USDJPY Chart Analysis
July 28, 2016
- Daily chart is testing 200 Day SMA.
- Weekly chart is moving up But price has to stay above previous support zone of 14.80 - 15.20 levels which has been acting as stiff resistance. If BAC Bulls are able to stay above this zone Then price can move towards 18 levels again.
- Unable to cross the above mentioned resistance levels may take price back to 12 levels again.
- CRUDE OIL TREND UPDATE
- Negative divergences, overbought readings are there. Price is also trading closer to a possible resistance line But Price continue to be with the trend. Trigger price for the sell could be a close below 8572 and followed by a break below 8476 Till that happens bulls remain strong.
- Close above 8644 will help bulls to extend the prevailing trend further...
- CRUDE OIL NEAR 200 SMA
July 27, 2016
- Crude oil 4 hour chart shows as if price is walking down a stair. Good looking pattern if you're a crude oil bear.
- No strength in price which may return only if the 200 Day SMA is held. Bigger weakness in crude oil if 200 SMA is not held on closing basis.
- APPLE RESISTANCE LINE AND 200 SMA
- Apple weekly chart shows price near falling resistance line.
- Daily is trying to stay above 200 SMA. Recent Attempts by bulls to sustain above 200 SMA Has failed.
- Bulls can extend today's gains only if price is able to sustain above 200 SMA and weekly falling resistance line.
- GOLD TRIANGLE PATTERN
- Second chart shows a bull flag in four hour time frame. Pattern mostly works as a trend continuation pattern. There are patterns which give false spikes out of the pattern and followed by trend reversal.
- One hour chart shows 2170 as resistance level. Resistance line for flag is around 2172 levels.
- GOLD TRIANGLE PATTERN
- Gold 4 hour chart shows price contraction in a triangle pattern. Breakdown from the triangle should take out the support zone between 1300 - 1310 which is marked in daily and weekly charts for bigger falls to happen. Gold bulls need to sustain above 1335 - 1340 for bigger up moves to happen.
- Nifty 30 Minutes chart shows price trying to hold above a support line. More bearishness only when this line gets broken.
- One hour chart shows price staying above hourly cloud despite recent sideways move. Only a close below hourly cloud will weaken the up trend.
- CRUDE OIL NEARING 200 SMA
- First chart shows the spike out of the range and price falling back into it. As the trend is strong we cannot confirm this as a false spike out of the range as yet. Bears can gain strength only if price breaks and closes the week below 8476. Only a close below 8476 can change the price action in Day and Weekly charts.
- Month chart is about to complete 5th positive month unless something drastic happens in the next few days.
- After all those bullish charts i am still looking at the negative divergence. Trigger price for negative divergence is 8476. If price stays above it then sideways to positive trend will prevail.
- CRUDE OIL NEARING 200 SMA
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