- Price took support @ 20 Day moving average yesterday.
- For selling to pickup price has to break and close below 20 day moving average.
- In weekly time frame the candle is forming below the middle bollinger band that is the 20 week moving average. For bulls if they need to push prices up they have to break up above 20 week moving average. For bears if things stand like this it will be easy for them to push prices down towards the lower Bollinger band.
- 20 DMA was @ 5551
- 50 DMA was @ 5505 Yesterday's values .
- S&P 500 EOD ANALYSIS
- S&P 500 Closed below crucial moving averages in daily time frame.
- In hourly time frame price closed near 200 Hour moving average. Price briefly violated this crucial moving average But managed to come back and close above it. For bears breaking today's low will give greater profits.
- 30 Minutes chart with cloud shows a clear down trend below the cloud.
- If the trend continues price may hit 200 DMA again.
- for intraday price has found support @ 61.8% Fib level.
- So further down move only if the Golden ratio is taken out on closing basis.
- Closing the day below 61.8% will favor bears for a correction towards 200 DMA again in the coming days.
- SILVER RISING WEDGE
UPDATED CHART
- SILVER Negative divergence shown below has worked well for bears of silver.
- Now the support may come around 37.80 level.
NEGATIVE DIVERGENCE
- Possible rising wedge pattern in silver.
- Pattern will be valid if the resistance line is not broken by bulls.
- If today's high is not taken out we may see a correction towards the support line of the wedge.
- Hour chart is also developing negative divergence.
- If new high's are not made silver may start to correct soon.
- ES TRIANGLE BREAKDOWN
CHART-III
CHART-II
CHART-I
- ES continue to move inside the triangle pattern.
- Price has given a whipsaw on the downside and back into the triangle pattern.
- Price continue to stay below the cloud which favors bears. But for bears price has to close the hour below 1302 level.
- For bulls price has to break above the cloud and sustain above 1315.50 level.
- BULL FLAG OF GBPUSD
CHART-II
- Nifty continue to stay below 50 Hour Moving average.
CHART-I
- For bears they have to break and stay below 5563 level.
- For bulls they should break above 50 Hour moving average. But for them the resistance line and 5653 level may act as tough resistance.
- As of now both sides have equal chance. But price is close to the apex of a triangle like pattern. So nifty will take a clear direction soon.
- NIFTY WEEKEND UPDATE
- SBI is trading near its Resistance level.
- Price is showing overbought readings for quite sometime.
- If the resistance levels shown are not taken out soon we may start to see a correction.
- NIFTY WEEKEND UPDATE
