- ES Resistance zone between 1352 - 1357 level.
- Price also near 50 period SMA and Golden ratio.
- Crossing the above resistance zones may target 1363 and 1370 levels in the short term.
- Unable to cross the Golden ratio will favor bears for a correction.
- SPX WEEKEND UPDATE
- Bank nifty daily chart with MACD Histograms is showing negative divergence. There is no MACD sell signal yet.
- For bears of BN we need price to breakdown from the channel shown in first chart. BN is also trading close to the weekly upper bollinger band which may act as resistance.
- India VIX is trading close to a crucial support line which may lead to a turnaround.
- NIFTY WEEKEND UPDATE
- JPM Closed the day above 50 day SMA. Up move also showed good volumes for the day.
- But price is moving into stiff resistance levels.
- 50 Week SMA. 38.2% Fibonacci levels and daily swing high's may stop bulls from moving ahead.
- crossing 37.03 should target the GAP between 38 and 40.
- SPX WEEKEND UPDATE
- Rising wedge has given a breakdown in favor of bears Now price has to takeout the GAP shown in first chart for bears to gain momentum.
- MACD has given a sell signal But price sustaining above 20 Day SMA should give another chance for bulls to move up. For bears a close below 20 SMA is needed to gain momentum.
- For a bigger breakdown price has to close the week below 20 Week SMA (5174).
- Monthly chart shows price getting resisted at 5 Month High EMA.
- MSFT Took support at the 50 Week SMA on Friday. But price continue to trade within the bearish weekly chart which will give shorting opportunities for bears.
- For now the stock continue to remain in a range between 28.32 - 31.14. For the coming week Friday's bounce may get extended towards the falling resistance line shown in first chart.
- SPX WEEKEND UPDATE
- Daily chart shows price moving up and RSI moving in a sideways channel which should favor bears But price sustaining above 50 Day SMA is giving support to bulls. Price on closing above 100 Day SMA should strengthen bulls further.
- Immediate resistance levels are the Golden ratio and 1370 - 1374 zone.
- Weekly chart shows price testing 20 Week SMA and MACD ready for a buy signal But Price sustaining below 20 Week SMA Should keep the MACD sell signal intact for a correction.
- FALLING WEDGE OF EURUSD
- Falling wedge possibility was discussed in the BROKEN TREND LINES OF EURUSD post. Price is testing the support line now. Break below this line could give 1.18 levels soon. If it gets support here we may see a counter trend move in EURUSD For the coming week..
