- Price is reacting negatively from 200 SMA and the resistance line.
- For Bulls price has to stay above 200 SMA for continuing the current up move.
- MACD is looking good for some more up side But price has to support bulls by breaking above the resistance line and 200 SMA.
- This entire up move is a corrective one for the fall from 134 levels and this up move is not supported by an increase in volume as shown in the last chart. Hope for bulls is a breakout above 200 SMA along with volume spike. If that does not happen bears will be in control soon.
- Price has closed above 50 Day SMA. MACD is showing a good buy signal.
- For bulls price is approaching a cluster of resistance in the form of Week High EMA, 20 Week SMA and the Golden ratio which might succeed in slowing down price momentum.
- If 50 SMA continue to hold we may see price breaking the resistance levels mentioned above.
- Bears would be hoping that price gets resisted near golden ratio and close below 50 Day SMA.
- So in short if bulls are able to face the approaching resistance levels and protect 50 SMA then this rally will gain further momentum on the upside.
CHART-II (UPDATED)
- Price has broken below 50 Hour SMA and the support line shown in hour chart. Daily chart too shows a bearish candle at the resistance line which confirms weakness in higher time frames. We might see some correction next week.
CHART-I
- For bears price has to break below the support line and 50 Hour SMA.
- Price sustaining above 50 Hour SMA will result in another up move.
- Apple having taken support at 200 SMA has moved towards 50 Day SMA.
- Daily closing above 50 Day SMA will help Bulls to extend this rally.
- APPLE WEEKEND UPDATE
- Crude oil daily is moving up in a channel.
- But price in weekly chart is trading near major resistance lines.
- Major breakout in Crude oil will be possible only if price takes out the resistance line from 147.
- Bearish candles at these levels may give good short trades in crude oil.
- See MCX Crude oil chart below this post
- Hour charts are not showing any weakness yet.
- Price is trending up above 50 Hour SMA and Hourly cloud.
- Resistance line in four hour chart too has broken in favor of bulls
- Next hurdle for bulls is the resistance line in daily chart. Breaking that will strengthen bulls further.
NIFTY FIBONACCI LEVELS
CHART-II (UPDATE)
CHART-I
- Price staying above 50 Period sma of this time frame will favor bulls.
- First attempt to breakout above 200 period SMA faced resistance.
- For bears price should stay below 200 period SMA, if a breakout happens a bigger up move is possible.
