- Nifty month chart shows the Major up trend in play from 2200 levels. The correction is happening above the up trend line. If the correction continues price may test the up trend line any were between 6800 - 7000 levels depending on how much time price takes to fall.
- Weekly chart can negate the above view if price takes out the falling down trend line shown in 2nd chart. Price for now is sitting on a crucial swing low(7539). If this number is not held on weekly closing basis the correction towards the Month up trend line is likely to continue.
- Day is stuck between 7539 and 7700 levels. Immediate strength and weakness on closing outside these levels.
- CRUDE OIL WEEKLY CHART ANALYSIS
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- Crude oil trying to stay above the slopping support line. CL Bull also trying to keep the falling wedge possibility alive. The reversal pattern will be effective if price stays above the falling support line.
- Daily testing 50% Fib level. Bulls if holds this level may give an intraday bounce back towards 2015 levels.
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- ES 4 hour chart shows price falling below recent swing low.
- 15 Minutes chart shows Ichimoku cloud as immediate resistance. For a bounce to happen price need to move above the cloud.
- Nifty managed to stay above its crucial swing low of 7539. Bears can become strong again only if 7539 gets breached.
- 30 Minutes chart shows bulls yet to gain strength as price continues to stay below the cloud
- Hour chart shows price below the falling trend line from 7972 levels. Strength for bulls only if price is able to sustain above 7700 levels.
- ES Daily moving towards 2000 levels which is a crucial support resistance zone as shown in first chart.
- price has fallen below 50 Day SMA. More weakness only if price sustains below 2000 levels.
- Crude oil weekly time frame shows a possible falling wedge pattern. I say possible because the falling support line does not look strong to me. If the falling support line shown in weekly time frame holds the pattern will stay intact. Its a bullish reversal pattern.
- Month Time frame is yet to show any reversal or bottom formation. Price action suggests price could go down as low as 32 levels before a bounce can happen.
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