- First chart shows the effect of 20 DMA on SBI.
- Price not able to touch 20 DMA Its selling off when ever it comes near this moving average.
- Price continue to make newer lows.
- For Bulls of this expiry they will get relief only if price manages to stay above 2165 and 20 Day Moving average.
- Last chart shows a long term view. The big up trend which ended at 3500 and the beginning of a long term down trend . This view will only change if stock changes the structure and give higher high and higher low's. Which is unlikely to happen in the near future. In the short term long trades may be attempted on a close above 20 day moving average.
- NIFTY EOD UPDATE
- Daily chart shows price getting resisted and closing below 20 day moving average.
- Hour chart shows price unable to reach its 200 hour moving average and closing below the 50 hour moving average.
- Shorter time frames are showing weakness.
- If price continue to sustain below 20 DMA then this up move started from 200 DMA will loose momentum.
- AAPL ANALYSIS
- AAPL fell below 200 DMA and is trying to break above it again.
- Usually when price retraces towards a broken Moving average it faces selling pressure.
- 330 area will be tough for bulls to cross on closing basis. If they manage to make a positive closing then price may move towards the top of the channel shown in 2nd chart.
SPX HOUR
- SPX Daily closed near 20 day moving average.
- SPX Hour is approaching 200 Hour moving average.
- If price gets resisted here we may see a correction.
- For bulls price should sustain above these Two crucial levels.
- SPX ASCENDING TRIANGLE
- If price breaks the dotted trend line then bulls can reach 5330 level that is the resistance line of the channel.
- Further down move will happen once price breaks the hour channel.
- This consolidation should be considered as a bearish one since its happening after a sudden fall. So unless a breakout above the channel happens bears will be in control.
- Intraday up move towards the top of the range in 5 Minutes time frame May happen If the support line shown here is held for today.
- Stochastic indicator shows the chance of an extended bounce.
- But the breakdown level of 5350 - 5370 level will be tough to conquer for bulls.
- Major Fib levels too showing 23.6% Fib level coinciding with the breakdown level.
- So for a bigger move to happen nifty should close and sustain above 5371 level.
