- Targets for the current up move can be the 200 SMA or the channel shown in second chart. For bulls price should sustain above 20 Day SMA. Daily close bwlo 20 SMA will be negative.
- For a larger up move to happen last chart is crucial. Price is trying to stay above the weekly channel resistance line. Sustaining above it could lead to bigger up moves. Another fall into the channel will favor bears.
- Above chart shows ES near a cluster of resistance levels.
- ES Bulls need a daily candle to close above 20 Day SMA For extending this pullback.
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SPY WEEKEND UPDATE
- Gold Four hour chart with support and resistance lines. Trading above 1584 will result in an up move towards 1599 levels.
- Resistances are 20 period SMA of four hour chart and 20 Day SMA. Bulls must trade above this level to target 1600 and above. Negative candles here will favor bearish trades.
- CRUDE OIL CHART ANALYSIS
DAILY CHART
- Crude oil is trying to get out of the descending channel as shown in the first chart.
- But price is still below crucial resistance levels.
- The cloud of four hour and the 20 Day SMA shown in last chart are crucial resistance levels for Bulls of crude oil to cross.
- Weakness near the four hour cloud may result in another down move.
- SPY WEEKEND UPDATE
- Week MACD and stochastic suggests a possible up move But as shown in the 3rd chart price need to sustain above 5 Week LOW EMA and breakout above 4960 levels for a bigger up move to happen.
- Failure to trade above 4960 will result in another down move.
- HEAD AND SHOULDERS OF HINDALCO
- Hindalco Weekly chart with a beautiful Head and shoulders pattern. It's a huge pattern and the reliability of head and shoulders pattern have gone down in the recent past. So the breakdown if happens should happen with big volumes and we may also hear negative fundamental news for the sector or the company itself.
- On the contrary the neckline can also act as support line for a turnaround. Taking support at Weekly lower bollinger band and closing above 5 Week High EMA may result in a trading bounce. Resistance levels for a possible bounce is shown in the last chart. Below 50 and 200 SMA the Trend will remain down.
- BANK NIFTY WEEKEND UPDATE
- Four hour chart shows a Bullish W or a double bottom pattern which need confirmation before a long trade.
- Price need to trade above 20 Day SMA as shown in the second chart for a long trade to happen.
- Weekly chart shows bullish candles near crucial support levels and Lower Bollinger band.
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SPY WEEKEND UPDATE
