- SPX Daily chart shows price testing crucial moving averages. Further weakness if price starts to trade below these levels.
- 2020 - 2030 is a crucial support zone. Weekly close below these levels may further weaken SPX Bulls.
- Month chart shows Bearish upper shadows for Month candles. Upper shadows shows price unable to close the month above 2100 levels. Unless this happen a bigger breakout is not possible.
June 25, 2016
- Nifty's bulls manage to stay above the rising support line drawn from 7405 levels.
- There was an intraday violation of 50 Day SMA line. But bulls manage to close above this crucial moving average. No big weakness till price stays above these two levels.
- Month chart for now shows a pause after 3 Bullish candles. Month has one more trading week to go so bulls need to close back above 8200 levels to keep the bullish momentum intact.
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.