- Silver weekly cloud continues to act as resistance. Falling resistance line from 18 levels is also acting as resistance. Daily chart shows price above 200 SMA. Last time too price tried to stay above 200 SMA and failed. Weakness below the yellow shaded portion shown in chart 3. Bearish if price falls back below 200.
February 24, 2016
- ES 4 hour chart shows weakness at the resistance zone of 1945. One hour shows price below the cloud. If price falls below 1898 level and the rising 200 Hour SMA there could be a bigger correction from the current levels. So bulls need to move back above the hourly cloud to avoid bigger fall.
- GOLD TRIANGLE PATTERN
- Nifty one hour chart shows price below 50 and 200 Hour SMA. Till price stay below these lines weakness is likely to continue.
- More weakness if 6961 gets tested. Mild strength if price starts to trade above 50 Hour SMA.
- For intraday 7031 and 7090 are crucial numbers. Its a trending move shown in 5 Minutes time frame. If price moves above the cloud an intraday reversal is possible.