GOLD Chart analysis

• GOLD Daily nearing 50 Day sma.
• For Bulls of Gold Weekly Doji at the bottom is looking god for now.
• For this up move to sustain its crucial for Price to stay above the 1180 zone which is shown in the last chart.

NIFTY Chart analysis

• NIFTY Yet to hit the rising resistance line
• MACD Has negative divergence which was discussed in earlier posts But MACD Lines yet to give sell signal.
• Last chart shows a rising support line staying above this bulls will continue to remain strong. Mild weakness on breaking and closing below this line.

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ES Chart update

 

• If the hourly range breaks on the up side then the Negative divergence will be of no use for Bears.
• Bulls need to stay above 50 Day SMA To avoid a bigger correction.

RELIANCE Industries testing 200 Day SMA

• Reliance industries trying to stay above 200 Day SMA and a crucial support zone. Bullish candle here may result in resuming the up move.
• Bears need a close below 200 SMA for a possible down move.

S&P 500 Futures 4 Hour chart analysis

 

• ES 4 Hour with MACD Shows negative divergence. Price yet to confirm weakness for this Divergence.
• Bears need price to close below 50 period SMA.
• For now price is moving in a range.

TATA Steel update

• TATA Steel trying to stay above 20 day sma.
• Crucial resistance at 50 day sma.
• Weak on closing below 460 and 20 SMA Which may test the support resistance zone shown in the weekly chart.

CRUDE Oil testing support levels

• CRUDE Oil continues to look weak
• 4 Hour support or the recent low is broken.
• Weekly support zone is getting tested as shown in second chart.