- On closing basis the number bulls should try to achieve is 5540 and we will get 5600++ above it.
- But for now we should see if 20 day moving average holds. If it gets broken Bears will be stronger. Daily chart has given a hammer pattern on 20 dma which is giving hope for bulls.
- Daily line chart is also showing a "U" turn by price favoring bears.
- So Price is giving mixed signals with negative bias. Lets wait and see if 20 dma gets broken or Bulls able to close above 5540 for further direction.
- S&P 500 EOD ANALYSIS
- The trend line in daily chart drawn by connecting 1040 and 1174 is being tested. If price closes the week below the trend line we may see the trend changing in favor of the bears.
- Price closed below 20 day moving average again and is moving towards 50 day moving average.
- Hour chart is also looking negative, 200 hour moving average is broken again. Bears will be in control if previous low of 1294 gets broken.
- THE GOLDEN CHANNEL
- Apple hour chart with 50 hour moving average
- Price is testing 50 hour moving average. If price sustains above it we may see an up move. Breaking this moving average will extend gains for bears.
- Today's down move started when price broke down from a small rising wedge pattern in hour chart.
- THE GOLDEN CHANNEL
- Gold four hour time frame with channel formation.
- Price is moving up smoothly inside the channel. Bears will have a chance only if they manage to break the channel.
- As long as price remains above the cloud bulls will be safe to hold on to the long positions.
- ES 30 Minutes chart with support and resistance lines. Violation of these lines may give good direction.
- Hour chart is shown with the recent high low and important high and low points.
- Break of 1311.25 may push ES towards 1296.
- Break above 1325.75 will move price towards 1335 level.
- SPY WEEKEND UPDATE
- Tata Steel is trading close to its support and resistance line.
- Line chart of daily time frame shows price taking support at higher levels. So one can expect an upper breakout to happen.
- If the supporting trend line gets broken on closing basis we can expect good correction in this stock.
- BANK NIFTY TECHNICAL ANALYSIS
- RIMM Daily chart shows a triangle shaped consolidation which can give good direction on a breakout.
- Weekly chart shows price moving up in a narrow channel.
- Considering the trend of the stock an upper breakout in daily chart will extend the gains for bulls.
- SPY WEEKEND UPDATE
