Nifty chart analysis

• Nifty day pausing at possible resistance zone. Week looks safe for bulls. Weekly cloud is a crucial support zone. Weakness in weekly cloud only if price falls back into the cloud on closing basis.

ES Chart analysis

 

• ES Weekly shows support at 50 week sma for now
• Price is trying to move back above 200 Day SMA. Bulls need price to stay above this line
• One hour chart too shows price moving above the cloud which is negative for bears.

Nifty Chart update

• Nifty needs to sustain above the daily cloud and 100 SMA to sustain this upward momentum. Daily line chart shows price closing into a resistance zone. Important for bulls to stay above this to avoid a reversal.

Crude oil chart analysis

• 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.

Nifty trend update

• 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 Chart analysis

• ES Hour is trending below the cloud. 
• Recent swing low in daily chart is shown as possible support zone
• Weekly chart is near 50 Week SMA Which may act as support.

S&P 500 Futures chart analysis

• 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.