- ES Fibonacci levels shows price above the golden ratio(61.8%). If price sustains above this level we may see 1330 levels shortly. Breaking below 61.8% will be negative for the bulls.
- Price sustaining above the cloud will favor bulls.
- Hour chart shows an inverted H&S kind of breakout, for this to sustain 1320 level should be protected by the bulls.
- DOW JONES WEEKEND UPDATE
- Long term picture will favor bears as long as nifty trades below 50 week moving average.
- We may see wild swings today because of the news. So it would be wise to trade based on closing values.
- 5369 can be kept a the balance of power for bulls and bears.
- Closing above 5369 will favor bulls and break below 5177 will favor bears.
- TATA MOTORS TREND LINE TOUCH
- Dow Jones hour chart shows 12150 as a crucial level for bulls to cross.
- Fib level too shows 38.2% level coinciding with 12150 area. Price closing and sustaining above 38.2% may give another up move in the coming week.
- Daily chart candlestick pattern shows bullish possibilities. Thursday's candle gave a long shadow which shows buying at lower levels This was followed by another positive candle which resulted in bullish engulfing pattern.
- Now for the bullish engulfing pattern to work price need to trade above 20 day moving average. A convincing trade above 20 dma can take dow to 12230 levels.
- 11980 level may act as support in the short term..
- APPLE WEEKEND UPDATE
- First chart is the daily chart of apple with 20 day moving average.
- Dips below 20 day moving average has been marked. Dips has not lasted too long.
- The effort of bears to sustain price below this moving average seems to be failing again. If price closes above 20 day moving average we will see yet another up move.
- Important levels for bulls to cross and close above is 348.50.
- Hour chart is filling a GAP if price closes above 50 hour moving average after filling the GAP things will favor bulls. Getting resisted at 50 hour moving average after filling the GAP may give a short trade in favor of bears.
- SPY RESISTANCE LEVELS
- Tata motors touches the trend line in weekly chart.
- Not only price touches the trend line it also touches the 200 day moving average.
- We can see some action in the coming days. Price breaking below 200 dma will give good short trade.
- For now 200 dma and the trend line has held. If price sustains above these important levels we may see good up move in the coming days.
- Price in hour chart is fading the GAP.
- 50 hour moving average is acting as resistance.
- Price closing above 50 hour sma can take it up to 353 initially.
- Sustaining below 50 hour moving average will result in a correction again.
- SPY RESISTANCE LINES
- 15 minutes chart of spy with resistance lines
- Price closing above the blue resistance line will give 132.66 levels.
- 132.66 area can act as resistance. If price manages to break and sustain above 132.66 Next target is around 133.80 levels.
- For bears sustaining below the blue trend line can give a correction in their favor.
