- ES Hour has to break the resistance line in hour chart for continuing the upward momentum seen today.
- Crucial Fib level of 61.8% is at 1324. This level has to be crossed on closing basis for things to turn completely in favor of bulls.
- If Price gets resisted at 38.2% then price will slip towards 1312 level.
- ES HITS 50 DAY MOVING AVERAGE
- Nifty Fibonacci level for the fall from 5944 - 5735.
- Price has retraced to 61.8% Fib level.
- Nifty has to sustain above the Golden ratio for continuing this upward momentum.
- Nifty spot closing above 5810 will give a bullish engulfing pattern.
- Nifty is retesting the channel from which it gave a breakout. Falling back into the channel will help bears.
- Staying above the channel resistance line will help bulls.
- Price is respecting the weekly reversal candle formed last week.
- Bears will be safe to hold on to the short positions as long as price trades below 5850.
- Price Trading above 5850 means entering the tail of the reversal candle which will make bears uncomfortable.
- Reversal candle has formed after price hitting a broken trend line which acted as support.
- CRUDE OIL BACK TO THE BREAKOUT LEVEL
- Crude oil has corrected back into the Ascending triangle pattern.
- If it is a dip towards the breakout level Then correction will be limited and crude may go above 106.94 again.
- If Price sustains below 106.94 level it will be negative for Crude oil.
DAILY CHART
15 MINUTES CHART
- ES Daily chart with 50 day moving average.
- If Price does not Break 50 DMA soon we may see a bounce from this level.
- Price in 15 Minutes chart is near its 50 Period moving average. If price sustains above 1314.50 a bounce is possible.
- Staying below 1310 will favor bears.
- SUPPORT LINE OF APPLE
- Weekly chart of CNX - IT has given a shooting star candlestick pattern.
- Price got resisted near 78.6% Last week and closed near 61.8% Fib level. If price continue to stay below the golden ratio we may see a correction in this index.
- Bearish candle has formed below the Broken weekly trend line which can act as resistance.
