- Price taking support around 50% Retrace level.
- Daily chart is looking like a bearish Descending triangle pattern.
- If 50% Retrace level is gone in closing basis then SPY may test its 200 Day SMA.
- Bulls need the "W" Pattern to complete for bigger up moves to happen.
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- It was a perfect confluence of resistance with Multiple time frames. 4 Hour had the resistance line and One hour had 200 SMA as resistance at the same time. Perfect entry for a short trade.
- Now bulls must hold above the support zone shown in last chart to avoid bigger correction.
- SILVER CHART ANALYSIS
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- Daily is at some resistance levels at 20 SMA and 38.2% Fib level. But Weekly has managed to close above 20 Week SMA. Its going to be a struggle here. Since bigger time frame has managed to close above 20 Week SMA this bounce is likely to extend further.
- But one has to consider the Month time frame in mind to judge this oversold bounce. March month candles shows a bearish engulfing pattern. So far there is no follow up price action for this pattern. This pattern will be effective only once price moves below 8269 levels.
- SILVER CHART ANALYSIS
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- Crude oil daily chart shows resistance at 100 Day SMA
- Support is seen at 100 period SMA of 4 Hour time frame.
- More weakness below Hourly cloud and 100 period SMA.
- Bears need to break below 50 SMA and 122 levels on closing basis for bigger falls to happen.
- Bulls needs to stay above 126 levels after breaking triangle resistance line for bigger up moves to follow.
- ES 4 Hour chart shows price near range support zone.
- Second chart shows a Descending triangle pattern mostly breaks in favour of bears.
- Weekly chart shows Negative divergence. For this set up need price action to confirm by closing below 200 Day SMA.
- APPLE TRIANGLE PATTERN
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