Stock Market Chart Analysis

December 23, 2015

Nifty bulls need to sustain above 7852 levels for extending gains.
Intraday weakness below 7840 levels. If the support line shown in 15 minutes chart is not held bigger falls can be seen.

First solar weekly chart shows a broad range between 39 and 74. Within this zone 66 is a crucial resistance area. Daily chart shows a golden cross but this one will perform well only if price is able to close above 66 levels. Previous golden cross did not perform well because of resistance at 66 levels. For bears immediate strength if price closes below 62 levels.

First chart shows the Month time frame with its MACD Sell signal. Price is trying to put up a Topping pattern. Bears need price to stay below 1850 to gain further momentum.
Next 2 charts shows price pausing above the Immediate support level of 1890 - 2000.

ES 4 hour chart shows price near support line. Bulls need price to stay above 50 Hour SMA for a decent bounce to happen from the current levels. Week is testing 100 Week SMA, Bulls need to stay above this line too to avoid bigger correction.

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Nifty month chart shows price getting support @ 38.2% Fib level for now.
Weekly chart too shows the bounce from recent swing low, But the bounce is happening below the falling resistance line from 9119. As long as price stays below this line weakness can resume.
4 Hour chart shows immediate resistance levels. Price for now is pausing at 38.2% Fib level. If bulls manage to cross this area then the swing high of 7972 along with 50% retrace zone may act as stiff resistance level.

Crude oil month chart shows price testing multi-year lows. Weekly chart shows a possible support line which is getting tested. If this line does not hold then CL should test 32 levels soon. If the support line holds then the positive divergence may come into play to give a decent bounce for crude oil.
S&P 500 WEEKEND UPDATE

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