- CNX IT has been getting support just below its 50 day moving average.
- One trend line in daily chart too has held well so far.
- Now 50 DMA has broken again. If the trend line does not hold we may see some downside for major IT stocks and CNX -IT index.
- If the trend line holds and price goes on to break the resistance line this up trend will continue.
- TATA STEEL ASCENDING BROADENING WEDGE
- Daily chart of Tata steel shown with an ascending broadening pattern.
- Price is trading close to its support line and near 50 day moving average.
- So Break of support line will push tata steel towards its 200 day moving average.
- While getting support here and trading above 50 DMA will favour bulls in the short term.
- NIFTY WEEKEND ANALYSIS
- First chart shows negative price action below the trend line in daily chart of Google.
- Second chart shows price resting exactly at 50 day moving average.
- 3 chart shows 20 ema and 5 ema giving a bearish cross in daily chart.
- Last chart is the weekly chart of google. Week has given its second bearish candle.
- Staying below 50 DMA will favour bears.
- MICROSOFT TECHNICAL ANALYSIS
- Daily chart of MSFT shows price testing the 50 day moving average.
- Momentum of price is favouring bears. If stock closes below 50 dma direction will favour bears in the short term.
- Weekly chart shows important support area near 27.40. Price is testing this level. Closing below this level will take price towards the weekly trend line.
- US DOLLAR RISES FROM THE GOLDEN RATIO
US DOLLAR DAILY CHART
EURUSD DAILY CHART
- US Dollar and EurUsd daily charts with the golden ratio(61.8%) Fibonacci level.
- US Dollar took support at the 61.8% Fib level while for Eurusd it acted as resistance.
- Now for the Dollar to rise it should cross the 50% level and close above it which will confirm a short term reversal in US Dollar price and this means negative outlook for EURUSD.
- Nifty daily chart showing bears extending gains below 200 DMA.
- Line chart is showing a possible reversal area from near 5490 levels
- MACD is showing slight positive divergence but price is yet to confirm.
- Bears will be happy to see yet another bearish engulfing in weekly chart.
- TATA STEEL ASCENDING BROADENING WEDGE
- 1273.50 Is an important level in daily chart.
- This level may give support as this acted as a resistance area in the past.
- But if bears manage to break and close below this range, Things will favour bears in the short term.
- APPLE HOUR GIVES A SELL
