- Silver hour is in a consolidation pattern getting ready for a breakout.
- Price in daily chart is showing support at 30.65 levels. Breaking below this level can give a good down move. On the up side price is struggling to close above 50 Day SMA. So an upper breakout may give good result only if it manage to stay above 50 Day SMA:
- Weekly chart of MSFT shows price approaching the support line of the triangle pattern.
- If the current candle holds above the support line we may see an up move from the support line of the triangle.
- Daily chart shows oversold stochastic indicator which may also result in a bounce.
- NIFTY and Bank Nifty are closer to their channel bottom lines But to reach there they have to break some more serious support levels. So i don't think price will reach their without giving a pull back first.
- If one see the bank nifty channel, price has halted on a falling support line as of yesterday. If this support line is held we may see an up move.
- For nifty we saw price breaking below 4720 But yet to see big follow up selling. So if bulls manage to reclaim 4720 on closing basis we may see a bounce. Failing to close above 4720 will favor bears.
- Price falling down in a channel.
- Hour chart is trending down below 20 Hour SMA.
- For bulls price has to get out of the channel and stabilize above 20 Hour SMA.
- Crude Oil Daily chart with 20 Day SMA.
- Price closing below 20 Day SMA will strengthen bears of crude oil.
- Weekly chart has given a bearish candle as discussed in a previous post. Now its the time for daily chart to confirm weakness by closing below 20 Day SMA.
- ES four hour chart shows price continue to break support levels and move down. For bulls price has to breakout above the channel.
- Price also continue to stay below 50 Hour SMA. As long as price does not break above 50 SMA a meaningful up move will not take place.
- VIX is looking good for bears. If it crosses 29 - 30 levels then volatility on the downside will increase. Unable to cross above 29 may give some relief for bulls.
- Price is below month low EMA and closer to the important support level of 4720 this combination has held for the last 3 months.
- Risk reward ratio favors a long trade here but the way price is getting rejected at day low ema is not helping bulls. So its better to wait for that close above 5 Day Low EMA which has not happened for many day's now.
