- Apple daily chart is moving towards a resistance line.
- Price yet to hit the upper resistance line. Weakness from the resistance line and breaking the rising support line may take price towards 110 levels.
- But the Larger time frame is looking bullish for now. If month sustains above 121 then another visit to 133 levels are possible in the Medium term.
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- Crude oil 4 hour shows a Triangle pattern and Price near the resistance line of the triangle.
- The current bounce started from the support line of the triangle
- Last chart shows price also testing 100 Period SMA. Last 2 attempts to move above this line has failed.
- GOLD Trend update
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- Intraday bears need price to stay below 50 Period SMA. Bigger weakness only if price stays below 8373. Below 8373 price may target the GAP between 8293 and 8322
- For Bulls need a Weekly close above 20 Week SMA or Middle bollinger band. Today being the last trading day of the week Bulls need a close above 8416 which is the 20 Week SMA.
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CRUDE OIL Support and Resistance levels
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- Crude oil 4 hour chart shows the crucial support line holding for another bounce in favour of crude bulls.
- Crude bulls need to do more as price is approaching the broken 200 Period SMA of 4 hour time frame. Unable to close above this line may resume the correction.
- GOLD Trend update
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- The trend lines and Moving averages are getting tested again. This time the price action also suggests that bulls are getting exhausted after a good run, But the directional change is yet to be confirmed. Bears can gain strength only if price starts to trade below 1200 levels again. Usually after such bullish moves price starts a consolidation sideways move to keep both bulls and bears guessing before taking a directional move again.
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- ES daily chart shows another triangle shaped contraction. First one gave a bearish move.
- 20 Day SMA is acting as support on closing basis recently. Price did violate this line but day's did not close below it. Closing below this line will tilt the balance in favour of bears. Sustaining above it may result in an upper breakout.
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- Crude oil 4 hour time frame shows price dipping below 200 Period SMA a crucial moving average for this time frame.
- Horizontal support level is at 50.73.
- Last chart shows possible support line. Crude bears will gain strength below this line.
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