- Nifty is near an important Support and Resistance area and an important place for bulls
- The support line of the triangle shown in weekly chart may stop the fall. If that is the case then we will see an up move towards the resistance line of the triangle.
- Closing the week below 5300 may make this pattern invalid and bears will be happy to see it.
- RSI in Daily time frame is showing small positive divergence But price has to confirm.
- TRIANGLE POSSIBILITY AND THE CURRENT DOWN MOVE WAS DISCUSSED HERE
- Crude Oil has given a breakout from a triangle like consolidation pattern.
- Resistance for Crude oil is at 104.50 level.
- Price sustaining above 101.40 can take it to 104.50 level.
- ES Hour chart is moving down in a channel formation.
- Price is getting resisted at 50 Hour moving average.
- Up move will face resistance around 1322 level.
- Fall was arrested near 1302 area. This level will act as short term support.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty is forming a consolidation pattern in daily chart.
- Staying above 5343 - 5348 on closing basis will favor bulls. Closing below this level will favor bears.
- Chart is showing a bearish cross and 20 DMA acts as good resistance on a down trend. So for an up move to happen bulls should try to go above 20 DMA.
- 78.6% is an important support level on a correction.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- SPX 15 Minutes chart is forming a range and if it breaks on the upside it may trigger a rally because price is near the support line of the channel in hour chart.
- 2nd chart is the hour time frame which shows price hitting the support line and it may give an up move if this line is held.
- Day shows price yet to break the cloud and is near 50 DMA. If price moves above 50 DMA by not breaking the cloud Bulls may get a bounce in their favor.
- For bears its simple they have to violate the support line of the channel shown in hour chart to create more panic for bulls.
CHART - II
- Break of bear flag targeting 1304 region. But 1310.75 may act as support.
CHART - I
- ES Daily has stopped falling at the cloud.
- But 50 Day moving average will act as resistance on an up move.
- Hour is showing a bearish continuation pattern. But Things may favor bulls if price manages to sustain above 50 hour moving average.
- ES HITS THE CLOUD
CHART-II
- As discussed below price has reached the support line of the channel
- Now if price does not break the support line we may see price moving up and filling the GAP.
CHART-I
- Hour chart shows price moving in a channel with negative bias.
- Price is near the resistance line, Unless a breakout happens price is likely to move down towards the support line of the channel.
