- HDIL Weekly chart nearing overbought zone.
- Weekly resistance at 122 level. Bulls need a weekly close above 122 for a possible target of 135.
- Daily charts are showing negative divergence which need confirmation before going short. Weakness on trading below 115 levels.
- NIFTY Shows weakness near Previous weekly high of 5944. This level is closer to the 78.6% Fib level and a possible resistance line shown in first chart.
- So multiple factors in weekly chart stopping bulls from moving ahead. Bulls need a weekly close above these levels for a bigger up move to happen. Weakness only on trading below 5838 and 5815 levels on daily closing basis.
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- SPX Managed to close another day above 50 Day SMA and above Golden ratio. But price showed resistance near the resistance lines shown in first chart.
- Day high was also at the Daily Ichimoku cloud. So Bulls need a close above the cloud and resistance lines to continue this up move.
- QQQ Testing the neck line of an inverted head and shoulders pattern.
- Daily chart has moved above 50 Day SMA.
- Price in daily time frame is at the Daily cloud.
- Bulls need a daily close above the neck line and 50 SMA for extending this up move. Sustaining above the daily cloud may lead to a bigger up move.
- SPY Daily chart hits resistance line
- Price testing daily cloud.
- Daily chart moved above Golden ratio. For bulls price should sustain above 143.68 levels for a possible test of 78.6% Fib level.
- CISCO Daily chart breaking resistance levels.
- Weekly chart sustaining above falling resistance line
- Only negative here for bulls is the stocks recent attempts to sustain above 200 Week SMA which has failed.
- Bidu testing the channel resistance line in daily chart.
- Price also near 20 Day SMA.
- For this bounce to continue price should close above the resistance line and 20 Day SMA. Negative daily candle should resume the fall.
