- Immediate support for nifty is at 5660 level as shown in the Fibonacci chart. Price falling below it will be negative.
- Important support is the 20 week moving average which is at 5610 level.
- Resistance for nifty to close above is 5740.
- So the range to look for today is 5660 - 5740 price falling either side will show strength and weakness.
- THE SILVER CHANNEL
- Silver daily chart has hit a possible channel TOP.
- Price has also hit 50% Fib level for the recent fall.
- So unless price closes above 50% Fib Level we will see a correction soon.
- 30 Minutes chart with a bearish pattern.
- Price breaking the dotted line can give an up move towards the resistance line of the wedge.
- Bearishness can only be seen if the supporting line of the wedge gets broken.
- Dow Jones is forming an Ascending triangle pattern and a Double Top.
- Considering the fundamental situation an ascending triangle is very likely to play out.
- If Price gets support @ the rising trend line then we might see a breakout above 12750 levels.
- Price not holding the support line and and breaking below 12296 will lead to a Double Top pattern.
- LAST UPDATE ON DOW JONES - RESISTANCE @ 12750
- The Gap Down Opening took price below 50 Hour moving average. But price did not test 200 Hour moving average.
- Large correction may happen only if price stays below 200 Hour moving average.
- 15 Minutes chart shows a bearish flag pattern. This one can go both ways an upper breakout may fill the remaining Gap and downside break may give 1323 level again.
- S&P 500 WEEKEND UPDATE
CHART-III
- Triangle breakout followed by Day high breakout has given good up move for intraday Bulls.
CHART-II
CHART-I
- Nifty is getting resisted at the previous resistance level 5652
- This level has to be taken out convincingly buy bulls for a larger up move to happen
- Price staying below 5613 may favor bears
- Click the charts to enlarge
- Conclusion
- It is strong above 5600 and stronger above 5650.
- It is weak below 5600 and weaker below 5550.
- BANK NIFTY WEEKEND UPDATE
