- Reliance has stopped falling at 20 SMA.
- But daily chart indicators are suggesting some more downside.
- Bulls need not worry as long as 20 and 50 SMA give support.
- 20 SMA @ 810
- 50 SMA @ 796
- Support line drawn in 2nd chart too is important for bulls to hold on.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Month of SPX is trying to stay above 20 month SMA. Bulls will be comfortable to stay above 1200.
- Weekly candle is fighting with the resistance level 1219 - 1230. Closing above this level may take SPX towards 1250 level.
- Today's Move was resisted at 100 DAY SMA.
- It was also the top of Ichimoku cloud. So this area will act as a confluence of resistance. Closing above this level will add strength for this up move.
- Microsoft Weekly chart shows price near the resistance line of the triangle
- Indicators in daily chart shows overbought readings.
- Day closing below 26.61 will favor bears of MSFT.
- Risk reward ratio seems to favor a bearish trade unless msft decides to breakout of the weekly triangle pattern.
- GOLD BEARISH PRICE ACTION
- Gold four hour has given a breakdown from a continuation pattern.
- Price has violated 20 SMA in daily Time frame. Daily candle closing below 20 SMA will favor bears of gold in the short term.
- First chart shows the possible support line for bulls.
- for bulls Hour chart has already done lot of damage by breaking below 100 hour SMA and the hourly cloud.
- This will be a sell on rise market until price moves above the cloud again.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Support line of the descending triangle is acting as resistance.
- Stochastic is showing overbought readings in daily time frame.
- Price may move towards 50 or 20 SMA if stochastic triggers a sell. A bigger fall may happen only if price breaks below 50 and 20 SMA.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- SPX Hour chart shows price falling below 20 and 50 Hour moving average.
- In daily we have a bearish engulfing pattern. Price ye to break below 20 and 50 Day SMA.
- Weekly chart shows price falling down from resistance levels.
- This fall will pickup speed once it stays below 20 and 50 DMA.
- AAPL NEGATIVE DIVERGENCE
