- Nifty daily chart with 20 and 50 SMA shows price falling into the buy zone between 20 and 50 SMA. Weakness for bulls can be confirmed only on daily closing below 50 Day SMA.
- Weekly chart is showing slight weakness with negative divergence. MACD lines too is closing in on a bearish cross.
- If daily closes below 50 SMA Then the weakness is likely to moving into the Weekly chart as well.
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- Crude oil 4 hour chart shows bearish trend intact.
- The channel and cloud will continue to support bears to take price further downwards.
- Break below 42 likely to take price towards 40 and sub 40 levels.
- For a bigger reversal price must move out of the cloud and channel.
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- 4 Hour chart shows the immediate support line for the current fall. Current fall is likely to take price below 44 levels.
- Daily chart is showing bigger possibilities for bears. There is a head and shoulder pattern with 2 shoulders. If this goes well for crude bears price may reach levels below 40 in the near term. There could be bounces But the easier target to predict at this juncture is 42 and 40 levels in the short term.
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- 4 Hour chart shows a head and shoulders Top and subsequent breakdown. The downswing in 4 hour chart will stay effect till price stay below the cloud.
- Weekly chart shows price violating the up trend line from 35 levels and is showing more bearish possibilities. 42 is the crucial level to avoid a bigger breakdown. Immediate level for crude bulls to protect is 45. Below 45 price may fall to 42 levels.
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