- Bulls managed to keep price above 50 Day SMA for now.
- Month chart shown with its upper shadow which is crucial for bears to protect. Price moving above 8793 will fade this upper shadow.
- The bearish PIN in weekly chart will remain intact if the up move stays below the shadow of the candle. Any move into the candles upper shadow will reduce the significance of the candle.
- NIFTY Trend update
-->
- Immediate level to watch out is 2098. If that is not held price moving towards 200 SMA.
- Bulls need to get back above 100 SMA to pause this fall.
- Weekly chart shows price challenging the larger breakout. If ES daily falls below 200 SMA this time then the breakout is gone.
-->
- If one sees the left side of the weekly candle the Topping process took its time. 3 Bearish attempts to form the Top. Price for now is approaching this same resistance zone. We may not know for now if this is a topping process or a consolidation in an up trend which is followed by a breakout on the upside. One has to wait for followup price action to confirm. The up trend will be in danger if week starts to close below 8500 levels.
- Many Technical analyst including me can see a potential Double top being formed in Month chart. But If the Mass starts to believe in this pattern early there could be new high's to trap Weaker bears before the real correction starts.
- For now though the weakness May take price towards the GAP between 20 and 50 Day SMA as shown in Daily chart.
- Bearish pattern of S&P 500 Futures
- NIFTY Hits the Line of Weakness
-->
- Daily close below 50 Day SMA will extend weakness into next week.
- Next support zone is at 2141 level. If 2141 does not hold then support in daily time frame is at 2119.
-->
- Immediate support levels in daily chart.
- 50 Day SMA and the support resistance line drawn in second chart are crucial for es bulls to hold above.
- If these levels are not held the targets are 2154 and 2140 levels.
- Last chart shows possible bearish scenario
-->
- Gold weakness taking price towards 1335 Levels. gold bulls unable to move past 1360 resistance zone.
- Bigger weakness only if 1335 level is not held.
-->
- Crude oil 4 Hour chart shows price testing previous resistance zone and 100 Period SMA. Staying above 46.60 may lead to a bigger up move. Unable to close above this level may trigger another fall towards 43 levels.
-->
