- All time frames still favoring bears.
- Hope for bulls is the recent low 1101.
- If that level holds we may see a bounce.
- If price stays above 50 and 100 Hour moving average one may stay long for a bounce.
- Price below 50 Hour moving average will favor bears.
- If a bounce happens 20 Day moving average is the next resistance level. Larger up move will be possible only if price starts to trade above 20 DMA.
- S&P 500 CLOSED BELOW 200 WEEK MOVING AVERAGE
- Trend of nifty is still down.
- No reversal pattern in sight yet.
- Daily indicators are still strongly favoring bears.
- But this is an extended fall so if price reverses we may get a decent bounce.
- So one shall look for reversal candles in daily time frame next week to go long.
- Price should also stay above the channel drawn in daily time frame for a decent bounce to happen.
- It is difficult to pick a number, But the level one has to watch is between 4750 - 4800.
- SUZLON ENERGY ANALYSIS
- S&P 500 WEEKEND UPDATE
- Apple has given two bearish engulfing patterns in weekly chart. We saw a Pin bar reversal candle at the top of the trend too.
- Daily chart has closed the day below 50 day moving average.
- Weekly indicators are also showing bearish things to come. Stochastic has triggered a sell.
- Weekly MACD is likely to give a sell in the coming week.
- Only hope for bulls is the weekly trend line which has to be broken by bears for the long term trend to change.
- So in all likelihood we are looking at the top of apple for sometime to come. Provided bears manage to break the weekly trend line.
- S&P 500 CLOSED BELOW 200 WEEK MOVING AVERAGE
- SPX closed the week below its 200 week moving average.
- Last weeks candle violated this level but was able to close above it. But this weeks candle closed below it.
- Its looking bad for bulls, If the recent lows are taken out then targets are much lower. I will be doing a detailed weekend update on SPX later.
- BEARISH ENGULFING OF AAPL
- SLV Daily chart is moving towards the channel resistance.
- Resistance line is approximately between 41.70 - 41.80 level.
- SLV is likely to get resisted at this channel. Daily close above this line will change the above scenario.
- AAPL Testing 50 Day SMA again. Last fall to this level took support there.
- Four hour chart also shows a possible support line.
- Breach of both these levels can give good correction for apple.
- If price holds 50 day SMA then stock will move up to 380 levels again.
- TRIANGLE OF MSFT
- MSFT Week is near support line of the triangle pattern.
- Daily chart has not formed a bottom formation yet. Price in daily chart is still below 50 day moving average.
- Since Price is close to the weekly support line one can look for a reversal pattern in daily chart to enter long in MSFT.
- If the support line of the triangle breaks down it will be a shorting opportunity.
- NEGATIVE DIVERGENCE OF GOLD
