- Daily and Weekly charts has broken crucial support levels.
- Week closed below 20 Week SMA. Weekly MACD is in sell mode which will help the bears of IWM.
- Daily is approaching a neck line of a possible head and shoulders pattern. Trading below 78.14 - 78.58 will strengthen bears further.
- 20 Day SMA, 100 Day SMA and the cloud will act as resistance from now on.
- SPY WEEKEND UPDATE
- SBI Closed below 200 SMA. There is no volume breakout yet.
- Price closed below 50% Fibonacci level.
- If the channel support line shown in 3rd chart does not hold price may fall towards the golden ratio.
- Bulls shall hope for the channel support line and oversold status to give a bounce.
- TATA STEEL RANGE BREAKDOWN
- Tata Steel daily chart shows range breakdown.
- Price managed to close below 200 Day SMA.
- Price also closed below 38.2% fibonacci level.
- Next support is the 50% Fib level and the recent swing low of 415. Breaking below this may target the Golden ratio.
- For bulls one thing in their favor is that the breakdown is not showing big volumes So if price manage to come back above 200 SMA bulls may save themselves from a big fall.
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TATA STEEL INTRADAY LIVE CHART
- GMCR Descending triangle and Range breakdown shows a possible target below 10.
- Stock gaped down with Huge volume. Previous GAP happened on relatively low volume compared to the recent gap. Gap fading will be tough this time due to high selling volumes.
- SPY WEEKEND UPDATE
- SPY Month chart is showing bearishness near the top bollinger band. Crucial support levels in month chart are the April Month low - 135.76 and the March Month low - 134.36.
- Weekly chart has given a MACD sell signal. For bears to extend the fall price has to trade below 20 Week SMA.
- Daily chart shows multiple levels which may give an oversold bounce - Lower Bollinger band, 100 Day SMA and the Swing low 135.76 - 135.94.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- SPX Daily closed below 50 and 20 day sma. These two moving averages does a bearish cross as well.
- Next crucial support levels are near 1357 - 1358 level. Daily chart has a possible Head and shoulders pattern which has not given a breakdown yet.
- Weekly candle looks almost like a bearish Engulfing pattern. Trading below 20 week SMA will favor bears to extend this fall.
- Dow jones near the support line.
- Price yet to break below the cloud for this time frame.
- If the support line is held an up move is possible in Dow Jones
