CHART-II
- Diamond of SPX mentioned below on 5th of this month has given a breakdown in favor of bulls. Now price should sustain below 1294 for bears to extend gains.
CHART-I
- Diamond pattern of SPX in Four hour time frame
- Diamond breakdown at the top of the trend can give good gains for bears.
- This one if breaks the support line has to break and sustain below 1294 for the pattern to work properly.
- Breaking above 1333 will favor bulls.
- First chart shows ES daily chart with 20 day moving average.
- Price is above 20 dma for now, But if it falls below 20 dma we will get another correction.
- Next chart shows price with 50 dma. The recent fall was stopped at the 50 dma. So a major correction can be expected only if 50 dma gets tested again.
- 1296 has become an important support for now.
- MSFT NEAR 200 DMA
- Four hour time frame shows price hitting a possible resistance line.
- 15 minutes chart with ichimoku cloud shows a smooth up move by bulls yet to be challenged.
- NIFTY DAILY ANALYSIS
- Nifty's weekly chart shows price back into the channel consolidation it was trading in Before the breakout took place.
- Price has taken support at the bottom of the channel. Big correction may be seen if this trend line gets broken.
- For bulls the big movement is based on 200 dma. If price sustains above 200 dma we can see levels of 5700 and 5900 on screen again.
- MSFT Daily chart is near its 200 day moving average.
- Stock took support at its 200 dma, But an up move will be possible only if stock manages to break above the resistance line shown in the 2nd chart.
- Breaking below the 200 dma will favor bears of MSFT.
- SPY TRIANGLE PATTERN
- SPY Hour in a triangle formation.
- Today's morning GAP may get filled before we see the breakout from the pattern.
- Being a triangle its prone to false breakouts.
- Price has to take out 133.60 after an upside breakout or 130.60 after a downside break.
- ES Hour chart with fibonacci levels and 50 hour moving average.
- Price has closed above 50 hour moving average and the Ichimoku cloud which is positive for the bulls.
- If price breaks and sustains above the golden ratio(61.8%) we may see Es testing 1336 level again.
- CRUDE OIL HITS THE GOLDEN RATIO
