Stock Market Chart Analysis

July 1, 2015

Crude oil testing range bottom. Price falling back to 100 Day SMA. Week is violating the 23.6% Fib level again. Crude bears need a weekly close below 23.6% Fib level to extend gains.

First chart shows the Descending triangle pattern in weekly chart. Price has moved from the support zone of the pattern to its resistance line.
Another hurdle for the bulls is the 20 Week SMA.
Major up trend for nifty will be safe till the swing low around 7940 - 7960 is not broken on closing basis.

ES Falls below 200 SMA, Recently this event has led to sharp reversals in favour of Bulls. Now bears need price to sustain below 200 Day SMA. One or Two daily candles below this level will favour bears to extend gains.
Negative divergence has been there for quite some time now without any big corrections.
Price is testing the lower bollinger band. A Weekly close below this line may extend the fall.
Bulls just need to make a close back above 200 SMA to avoid bigger falls.

Nifty testing strong resistance zone. Bulls need a cloud breakout on daily closing basis to extend this up move.Price for now is in a range between 8300 - 8400 levels. This range must resolve for bigger directional moves to happen.

Apple daily and weekly chart shows two support lines for bulls. For now bulls are lacking momentum. Bigger worry for apple bulls only below the weekly up trend line and the 123.1 level shown in monthly chart. Month chart shows a 3 month range. This range must break and weekly and Monthly closing basis for bigger directional moves to happen.