- Crude oil 4 hour chart shows price violating the support line. Crude price is trying to move above this line.
- 30 Minutes chart shows price testing the cloud. Staying below the cloud will favour crude bears. Crude bulls need price to move back above the cloud.
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- One hour chart shows the 10 Point range.
- Last chart shows 38.2% and 50 Period SMA as crucial support levels in 4 Hour time frame.
- Second chart shows a possible contraction pattern in which price is likely to stay especially if price falls below 2280 levels. Bullish above 2294.
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- Nifty 30 Minutes chart shows the bounce from the trend line.
- 50 Hour SMA too is acting as support for now.
- High of 8813 is crucial. Once this level gets crossed again Nifty will move towards 8900 plus levels.
- Bigger worry for bulls only if levels like 8715 and 8672 gets broken.
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- ES Falls to the range support zone around 2283 levels.
- One hour chart too shows 38.2% and 100 Hour SMA as immediate support levels. These levels should be held by ES bulls to avoid bigger weakness.
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- Crude oil daily is violating 50 Day SMA. Crude bears need to see a close below this moving average for further bearishness to follow.
- But crude bulls are looking at a possible support line in 4 hour chart. More falls if this line does not hold Possibly towards 50.70 levels.
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- ES 4 hour chart shown with immediate support and resistance.
- Rising brown line shown in chart 2 has been holding for a while now. If this gets broken weakness can be seen.
- Sustaining above 2294 levels can lead to new high's.
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- Nifty weekly chart shows price moving towards the resistance lines. It is also showing a contraction pattern which could keep nifty negative to sideways before a big move could come.
- Nifty Month chart shows similar bullish pattern being formed. Price is near the resistance level of the pattern. One has to wait and seen if price gets resisted one more time for another Dip before the larger trend can continue.
- For the day the crucial support level is shown in 15 Minutes time frame. The trend of smaller time frame will be intact as price continues to form HH and HL.
- Weakness only on closing below 8770 levels.
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