- Bulls of nifty need a daily close above the cloud.
- Bulls also need a weekly close above the falling resistance line and 5 Week High EMA.
- If today's closing is above 5282 a bullish engulfing formation can be confirmed in weekly chart.
- S&P 500 EOD UPDATE
- Four hour chart shows crucial support at 200 period SMA. Price is yet to violate this moving average line. Today's up move was resisted near 50 Period SMA as shown in first chart.
- In the bigger time frame the 20 Week SMA which is rising should act as a major support in the short term.
- ES Sustaining below the red support line in first chart will strengthen bears of ES in the short term.
- 200 Hour SMA is a crucial support zone.
- Other supports for this fall is shown with Fibonacci levels in last chart.
- Copper near 50 period SMA of four hour chart.
- Price also shows a triangle shaped contraction which may give good direction.
- Breakout or breakdown should violate the levels shown in last chart for a bigger move to take place.
- Price managed to trade above the flag's resistance line but could not make a bullish close.
- Price tested 50 Day SMA too But could not close above it.
- If price does not close above 50 SMA Soon we may see a correction towards the lower end of the range.
- Bollinger band shows band contraction which should lead to a breakout soon.
- 50 Day SMA at 5337.
- ES one hour chart shows a Cup and Handle like price action which is a bullish pattern.
- One hour chart also has done a bullish cross of 50 above 200 Hour SMA.
- But the bigger time frame four hour chart has a bearish cross. For the bearishness to be negated price need to sustain above crucial moving averages. otherwise the larger time frame is likely to win after a small bounce.
- QQQ Bulls must cross 50 period SMA of four hour chart shown in first chart for a bigger up move to happen.
- One hour chart shows the resistance levels to cross for bulls to gain momentum.
- Staying below these levels will be negative for bulls of QQQ.
