- March month candle is crucial here. If at any point during this month price falls below 8870 levels many bulls could be trapped at higher levels.
- Weekly chart is looking good for bulls so far. But the Same scenario as said about the month candle applies here as well.
- Day continues to stay inside the rising wedge. A similar pattern in S&P 500 Went through the roof. Price broke above the resistance line. As far as this pattern goes price has taken support at the rising trend line, But continues to stay inside the pattern. Both scenarios are possible here. Bearish below 8870. Bullish above 9000.
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- ES 4 hour chart shows a bearish Shooting star or Inverted hammer candle.
- Bears should keep in Mind the Higher time frames like weekly chart. Week shows nothing for bears. The upper shadow of the current week candle must grow large before the end of the week to get bears interested again.
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- Gold 4 hour chart shows price testing 100 Period SMA. Bullish candle at the current levels can lead to a reversal.
- As the second chart shows price is staying below crucial support lines. Gold bulls need to get back above these lines to avoid bigger correction.
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- Crucial support for Gold at the 100 Period SMA. Closing below this line may extend the weakness seen in this time frame.
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- Weakness is seen in one hour time frame
- Hourly chart shown with immediate support levels.
- Strength resumes if price moves back above 8905 levels
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- Nifty hour shows possible bearish price action from a rising wedge pattern. But bears need to sustain below 8900 levels for bigger falls to happen in their favour.
- Daily too has a bigger Rising wedge But one has to wait few more sessions to understand how this one takes shape.
- Crude oil bulls failed to close near the High's.
- Weakness only if price starts to stay below 50 Day SMA. Upper breakout opportunity exists if price continues to stay above 50 Day SMA.
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