- Crude oil daily is violating 50 Day SMA. Crude bears need to see a close below this moving average for further bearishness to follow.
- But crude bulls are looking at a possible support line in 4 hour chart. More falls if this line does not hold Possibly towards 50.70 levels.
February 7, 2017
- ES 4 hour chart shown with immediate support and resistance.
- Rising brown line shown in chart 2 has been holding for a while now. If this gets broken weakness can be seen.
- Sustaining above 2294 levels can lead to new high's.
- Nifty weekly chart shows price moving towards the resistance lines. It is also showing a contraction pattern which could keep nifty negative to sideways before a big move could come.
- Nifty Month chart shows similar bullish pattern being formed. Price is near the resistance level of the pattern. One has to wait and seen if price gets resisted one more time for another Dip before the larger trend can continue.
- For the day the crucial support level is shown in 15 Minutes time frame. The trend of smaller time frame will be intact as price continues to form HH and HL.
- Weakness only on closing below 8770 levels.
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