- Bank of america weekly chart shows a pause or bearish candle at crucial resistance zone of 18 levels.
- Negative divergence and Broadening pattern also shows a likely bearish move in the coming week.
- Weakness can be confirmed below 17.60 levels. Price may test the rising trend line shown in weekly chart.
- APPLE WEEKEND UPDATE
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- Apple weekly chart shows negative divergence with price and RSI. Weakness for divergence can be confirmed only if price starts to trade below 20 Week SMA.
- Immediate support levels are 106 are and 100 Day SMA.
- CRUDE OIL TREND UPDATE
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- Nifty weekly charts continue to look bullish as it stays above 20 Week SMA.
- Bears are hoping for the Diverging wedges in price and MACD To work in their favor. But this is likely to take some more time to start working and Trying to time this event will result in wrong trades. Confirm weakness if week starts to close below 20 Week SMA.
- For now though the daily charts are also looking good for bulls as it stays above 20 and 50 Week SMA. Levels to look for next week is 8373 which is the golden ratio. If price stays above this one this up move is likely to extend.
- CRUDE OIL TREND UPDATE
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- 50 levels is crucial for crude oil as can be see in the Monthly chart. 78.6% Fib level comes around 50 levels. Daily close below this level may extend the fall. Crude oil bulls need to hold above 50 levels to stop further correction.
- Daily and 4 Hour time frames continues to trend in favor of Crude oil bears.
- S&P 500 FUTURES CHART ANALYSIS
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- ES One hour chart shows price below the hourly cloud
- 4 Hour chart is testing 100 period SMA. Close below this line may give bigger falls.
- Last chart shows price testing crucial fib levels.
- BANK OF AMERICA BEARISH ENGULFING
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- Bank of america daily chart shows a bearish engulfing pattern. Pattern for now does not have volume spike.
- Weekly chart shows price testing the swing high near 18 levels. If weekly chart confirm weakness another dip towards the rising trend line is possible.
- After correction if the rising trend line holds a bigger breakout is possible from this weekly bullish pattern. In the very short term if 18 is not crossed it may give a correction.
- Weekly charts of tata steel is at a crucial support level. Price is testing the cloud and 50% Fib level. Usually stock bounces if it pauses near the cloud base.
- But one must be careful here as the daily trend is still down. 3rd chart shows a price range. Bulls need a breakout from the range. If price pauses near the upper resistance line the down trend may continue.
