CRUDE Oil daily chart update

• Crude oil daily is testing previous broken support zone(63) which may act as resistance now. Daily close back below 20 Day SMA will also be negative for crude oil.
• Crude bulls need price to sustain above 63. 

ES Chart analysis before opening bell

• ES one hour is in a triangle contraction. After the noise of the hour if Daily gets a close above 20 SMA then a bigger up move is possible. But 20 SMA is consistently acting as resistance for the past 5 Daily candles So bears too has a hope on this line. As far as numbers goes strong bulls above 2736 and 2750 For bears its below 2682.

ES One hour support resistance levels

• ES One hour cloud is getting tested again.
• Hour cloud and the zone between 2736 - 2750 are immediate resistance levels in this time frame. For a bigger breakout in favour of bulls these two levels must be taken out on closing basis.
• Getting resisted at the cloud will resume correction as it did yesterday.

ES Chart Analysis after closing bell

• Week candle got resisted near the top of the range. Now if price stays below 2700 then it should fall towards 2620 levels.
• For bears hour must stay below the cloud for a trending move towards 2620 levels. Immediate resistance at 2700 levels.

ES Chart analysis before opening bell

• ES Week chart shows the broad range between 2620 - 2760. Price near the top of the range. Price will remain negative to neutral within this range.
• Immediate support zone for the day is 2700 - 2705. Break below this means a trending down swing in hour chart.
• Price remaining below the hourly cloud will favour a down swing in this time frame. Negative below 2700 - 2705. Bulls may also use this price zone to do an Intraday bounce.

NIFTY Chart update

• Nifty daily chart shows the small candle just below 100 SMA. Twice in the recent past this price action was followed by good up move. But this time price is trying to consolidate after a big correction, which is good for bears.
• If price stays below 10276 then 200 Day SMA is possible.
• Weekly chart shows price below 20 Week SMA.  Bulls must try to get back above this moving average to avoid bigger falls.

State bank of India chart Analysis

• State bank of India month chart shown with crucial support resistance levels. Price is in a big range between 150 to 330. Chart shows crucial support zone at 240. Bigger weakness for the stock only if 240 levels are broken. Till then bulls are safe to do a bounce. Look for bounce trades only when price reaches 240 levels.