- Nifty week shows a negative candle. This needs confirmation though in the following weeks.
- Weekly chart also shows Negative divergence.
- But bears May not expect big returns unless price fall below 8900 levels. Month chart shows Bulls making New high's. So bears need price to fall back below 8900 levels on closing basis which will confirm the current move as just a spike above new high's.
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- ES Daily shows a resistance line and 20 Day SMA which is acting as stiff resistance on closing basis.
- Daily is violating 50 Day SMA again. Bears need a close below this line to gather further momentum.
- CRUDE OIL WEEKLY SUPPORT LINE
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- NIFTY Weekly chart shown with possible resistance line. For this week and the next this line is around 9350 - 9400 levels.
- The divergence chart shows Triple negative divergence for the previous top. There is divergence now also, Not as prominent as the previous one. The fact that price is making all time highs is also against bears. Hope for bears only if price falls back below 8900 - 9000 zone, Probability of happening this in the short term is low.
- If divergence is negated nifty is likely to target 9300 - 350 and 400 levels in the short term.
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- Weekly up trend line helped bulls with a Bounce.
- Daily chart shows resistance zone near 51.50 levels. Close above this zone may take price towards 54 - 55 levels in the coming weeks. Weakness may resume if unable to stay above 51.50 levels.
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- Bulls getting support at 50 Day SMA
- 20 Day SMA is the immediate resistance line
- Crucial support and resistance numbers are 2330 and 2365. Need to resolve this range on closing basis for bigger moves to follow.
- ES MONTH With SPINNING TOP CANDLESTICK
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- ES Month has a spinning Top. This candlestick is important to note as it has come After a Big bullish Move.
- Bulls will remain strong above Feb Month High (2370), Below this level bears has hope, Strength for Bears Below March month low 2317. A Dow trend may start if stays below Feb Month Low 2264.
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- Nifty month Chart trying to make a Historic close.
- 4 Hour chart with ichimoku cloud shows the trend in force. Trend will stay effective till price stay above the cloud.
- Weekly chart shows the 200 Point Range. Price testing the upper end of the Range.
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