- Nifty 30 Minutes chart shows the bounce from the trend line.
- 50 Hour SMA too is acting as support for now.
- High of 8813 is crucial. Once this level gets crossed again Nifty will move towards 8900 plus levels.
- Bigger worry for bulls only if levels like 8715 and 8672 gets broken.
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- Nifty Month chart looking bullish after price breaking above the falling resistance line. But a breakout may not mean price moving up in a straight line. It may happen rarely But many times price comes back to test the breakout line before moving up again. In this case it may take many months of sideways action before starting to trend again.
- Daily chart shows resistance at 7980 levels. If price maintains the HIgher highs and higher lows then a breakout is possible above this zone. Immediate weakness if price falls below 200 SMA on closing basis. Bullish structure is negated if price starts to trade below 7500 and 7400 levels.
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- Last chart of this post shows symmetry in weekly chart. Look how the 700 point fall on the left side was matched by similar up move on the right side and now a few weeks of consolidation is likely as shown in the chart.
- Daily shows a possible hanging man But this man needs follow up price action. In this case price closing back below 50 Day SMA will add strength for this candlestick pattern.
- Price is also approaching previous support zone around 7550. This zone must be taken out by bulls to extend this up move further.
- Reversal attempts should be able to close above 5 Day low EMA and above High Ema for a meaningful up move to happen.
- Price staying above 23.6% may take it to 38.2% levels.
- There is a GAP on chart which might act as resistance. Next fall may also start after filling the GAP.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Pattern breakdowns from weekly time frame can give explosive moves. That's what we are witnessing.
- In weekly chart price is moving down from 23.6% Fib level to 38.6% Level.
- It will be difficult to predict a bottom for this move. Next likely level may be between 4775 - 4800 level.
- Those bears who are about to get good profits should book some profits. Since price is falling fast we are likely to see quick up moves as well.
- We Saw one of the worst days in Wall street's history as far as points goes yesterday night. Dow Closed 634 points down which was the 6th worst day in its history. See the EOD analysis for S&P 500 in the below link.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty staying below 5 day low EMA will favor bears.
- Stochastic is showing oversold readings. But price has not shown any signs of a reversal yet.
- Candle looks like a spinning top which shows indecision and sometimes leads to reversal of current trend.
- Price closing below 5400 will strengthen bears.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty Staying below 5450 nifty is likely to test 5400 - 5410 levels today. Closing below 5400 - 5410 levels will favor bears for sometime to come. If nifty manage to Close above 5450 despite bad news then things might favor bulls.
- U.S markets have closed negative. Dow Broke 12000 level. S&P 500 closed below 200 DMA.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Click the charts to enlarge.
- Description is clearly mentioned in the chart so click the charts to enlarge.
- Conclusion: Stay short below 50 DMA. Price staying below Day low EMA will also help bears. Close above 50 DMA will be negative for bears. Strength for bulls only above 5605 level. One can also try to sell on rise. 5530 - 5560 is a shorting zone. But once hour starts to close above 5560 levels it will be risky for bears to remain short.
- S&P 500 WEEKEND UPDATE
- Price has closed below 50 day moving average.
- Closing price is also below 5 Day Low Ema.
- If price continue to stay below these levels it will move towards the lower Bollinger band shown in weekly time frame.
- Bulls need to go back above 50 DMA.
- 5 DAY Low EMA is @ 5527
- 50 DMA is @ 5518
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty testing 50 DMA again.
- Possible Fibonacci support levels below 5496 are 5468 and 5404
- USDINR is testing its support level. I have done a post on USDINR in the Forex Blog - CLICK HERE TO SEE IT
- We saw a double bearish engulfing yesterday But price remains inside the range. Going up and down in between 50 and 200 DMA.
- Price closing below 5 Day Low Ema is being used as a buying opportunity because of the range. So one can wait till price breaks 50 Day Moving Average.
- Range 5496 - 5740
- Day Low EMA @ 5570
- 50 DMA @ 5515
- FLAG OF GOLD
- Immediate support for nifty is at 5660 level as shown in the Fibonacci chart. Price falling below it will be negative.
- Important support is the 20 week moving average which is at 5610 level.
- Resistance for nifty to close above is 5740.
- So the range to look for today is 5660 - 5740 price falling either side will show strength and weakness.
- THE SILVER CHANNEL
- Click the charts to enlarge
- Conclusion
- It is strong above 5600 and stronger above 5650.
- It is weak below 5600 and weaker below 5550.
- BANK NIFTY WEEKEND UPDATE
