- Price testing the resistance line
- 4 Hour chart shows a rising wedge kind of pattern Usually bearish But an upper breakout cannot be ruled out as well.
- Bearish Daily candle here may Help apple bears to do a reversal.
- GOOGLE Rising wedge and resistance line
January 27, 2017
- Last chart the weekly time frame shows a possible rising wedge pattern. Price for now is staying outside the pattern. If price falls back into the pattern then it may affect the Bullish trend in daily and lower time frames.
- False spikes out of Rising wedge usually lead to fast moves on the opposite side. so its crucial for google bulls to keep price outside the Rising wedge as it is now.
- Daily chart is testing a resistance line as shown in first chart.
- Crucial support area to keep the bullish trend intact in daily time frame is 838.
- GOLD Trend update
- Gold fell below the 4 Hour cloud and 1200 levels has changed the price structure in favour of bears.
- Now bounces from here towards the cloud or 1200 levels will still be considered bearish.
- Short term will favour bearish trades till price stay below 15 Minutes cloud
- Strong move is what's happening as shown in the smallest time frame. The 5 Minutes cloud going strong. Cloud base now is around 8600. So weakness for this setup only below 8600 levels.
- Hour gave a bearish candle after many bullish one's. Here too intraday Weakness or doubts only if price starts to stay below 8643 and 8638 levels.
- Price for now is pausing at the earlier mentioned resistance zone of 8674. More strength only on closing above this zone.
- ES weakness at the top of 4 Hour time frame after a bearish looking candle.
- 15 Minutes chart is staying below the cloud which can extend weakness further.
- immediate levels to watch out for strength and weakness are 2289 and 2295.
- As always one should remember this weakness is a risky play since its against the prevailing bullish trend any time weakness can vanish. So watch out for the levels. Blow 2289 the weakness could extend towards 2280. Above 2295 new highs are possible.
- GOLD Bearish price action
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