- ES Daily shown with a possible rising wedge pattern. Price likely to hit the resistance line around 2370 plus levels approximately.
- Rising wedge mostly results in a breakdown in favour of bears.
- One hour cloud continues to offer strong support for bulls. Weakness in hourly only on closing below the cloud.
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- ES one hour chart shows price continues to stay above the cloud and 100 Period SMA. Weakness for bulls only if price starts to stay below the hourly cloud.
- For the day mild weakness if only price falls below 2349. More strength if price stays above 2354 levels.
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- Gold in a range between 1217 and 1246. Right now price is falling from the resistance zone towards the support zone. Weakness will continue as long as price stay below 50 period SMA as shown in chart two.
- GOLD Weekend update
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- Nifty week shows a bullish pattern But another dip towards the rising support line is very much possible as price is moving into a stiff resistance zone.
- One has to pay close attention to the month candle. If Feb candle closes higher into the resistance zone then its advantage bulls. Last two attempts into this zone has given bearish month candles as shown with the circles in Month chart.
- crucial levels are shown in the daily time frame. Strength if stays above 8826. Mild weakness if continues to stay below 8826
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- First chart shows previous resistance acting as support for gold. So this are will act as crucial support for Gold going forward.
- Price is turning down from 1245 levels which is the recent swing high will act as next resistance zone.
- As price is turning down a bearish trade is possible below 50 period SMA. Staying below this level the targets are 1218 and 1227
- ES one hour took support near the cloud. Hope for bears only if Hour starts to close below 100 Hour SMA. Staying above the hourly cloud Bulls likely to move above 2349 . Weakness if price starts to sustain below 2336 levels.
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- Tesla month candle shows weakness at the top of the range.
- Weekly candle is showing a large upper shadow, Price if closes at the current levels or lower will form a good bearish candle. Any rally in favour of bulls today will spoil this pattern for bears.
- Daily chart is shown with 20 day SMA support line. Bigger weakness for the stock only closing below this line.
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