- 2nd chart shows price testing the rising support line in 50 period SMA. Bears need to stay below this line so that the daily resistance zone starts to show its effects. 4 Hour MACD too shows a negative divergence for bears. Now price need to follow up by breaking the higher low structure so that the negative divergence starts to take effect.
- ES bulls riding strong above the cloud. Immediate rising support of 50 period SMA is also not being challenged. Unless the higher low higher high structure gets changed bears are not going to get bigger corrections.
- Facebook one hour chart shows price testing rising support line.
- Weekly chart shows bearish candle at resistance line.
- For bears price need to stay below the rising support line and 101 levels for a bigger correction to follow.
- ES 4 hour chart continues to maintain the bullish structure with price making higher lows. Rising support line of 50 period SMA is acting as good support so far.
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- Silver daily chart shows price getting resisted at golden ratio. Weekly cloud too is acting as resistance as it has done in the recent past as well. Daily unable to sustain above 200 SMA which is another concern for silver bulls.
- Nifty has violated crucial support zone as shown in first chart. Second chart shows price approaching crucial support zone between 7960 - 8000 levels.
- Gold daily falls back below 200 SMA. The spike above 200 SMA line did not last long. Recent attempt to stay above this line was failed too as seen in chart 1
- Weekly chart continues to show weakness near the cloud.
