- Nifty is overbought and at resistance level. But if price manage to close above 200 DMA the indicators has to stay overbought for some more time while nifty moves towards 5900.
- If the channel resistance around 5700 comes into play bears have a hope. But if that is to happen we will see one or two negative daily candles this week.
- So the best approach for those who does not have a position would be to watch the 200 DMA drama unfold and enter when the direction becomes clear.
- DOW JONES RESISTANCE LEVEL
- SPY Hour is consolidating above 200 hour moving average and the trend line.
- If price continue to stay above the MA and the trend line an upside breakout will happen.
- Price falling below 200 hour moving average and the trend line in hour chart may turn the short term trend in favor of bears.
- Dow jones daily chart is shown with the resistance area of 12000 - 12300.
- Bulls are about to clear this level. Price has made a fast rise from the recent fall. Earlier price took support at the base of Ichimoku cloud as shown in the chart.
- If price closes above 12300 the upward momentum will gather momentum.
- Failing to clear this level on closing basis will favor bears.
- 30 Minutes chart of SPY shows price trying to fill a GAP formed during the start of this month.
- GAP will be filled at 132.22
- 5 Minutes chart will favor bulls if price sustains above 131.87.
- Unable to cross 131.87 will favor intraday bear.
- ES Hour chart is showing a range from 1305 - 1314.
- Bullish cross of 50 above 200 hour has worked well for the bulls.
- Price may move up from 50 hour moving average.
- Breaking 1305 will be negative for the bulls.
- SPY WEEKEND UPDATE CLICK HERE
- Nifty spot chart four hour time frame with resistance line.
- Price has to close above this line if it has to move up any further.
- Line chart of bank nifty daily chart shows price moving up after breaking a resistance area.
- Price has made a successful close above 200 day moving average. Now bulls has to follows up.
- Third chart shows Three Occasions of price closing above 200 dma and failing to move up further. A higher close today for BN will extend gains up to 11600 levels. If 200 dma gets broken by the bears things will become Negative for BN again.
- DLF CHART ANALYSIS
