- ES Daily and 4 hour chart shows price near crucial support levels. 2115 to 2126 levels have held before so for a bigger fall this level must be broken on closing basis.
- Immediate resistance is seen at 15 Minutes cloud. A short term reversal possible if price moves back and stays above 15 Minutes cloud.
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- Month chart of Axis bank is showing a possible Bearish M or a Double top with possible targets below 400 Levels.
- Daily falling below 200 SMA will further add to the bearishness of the stock. For Axis bulls they must get back above 200 SMA to avoid bigger falls in the coming days and weeks.
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- Weekly chart is trying to put up a Topping pattern, For this one to succeed price need to stay below 8500 levels as shown in chart 1.
- Weakness can be confirmed if price starts to stay eblow 20 Week SMA.
- Immediate resistance at 50 Day SMA. Closing above 50 SMA may give an up move towards 8750 and 8800 levels again.
- CRUDE OIL CHART ANALYSIS
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- ES 4 hour chart shows price testing crucial support line. Daily time frame too is showing weakness at 100 Day SMA. Bears need the daily candle to close at the current levels or lower for an extended fall to follow.
- Weakness continues to be seen near or at 50 Day SMA as shown in last chart.
- CRUDE OIL CHART ANALYSIS
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- Crude oil testing channel support line
- Price if stays below the cloud will favour crude bears.
- Crucial support zone is between 49.10 to 49.60. Bigger falls only if price stays below this level.
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- Weakness in 4 hour chart only if price starts to trade below the channel.
- Weekly chart is also testing crucial resistance zone. Crude bears need a bearish candle at this levels for a bigger correction to follow.
- Things are simple for bulls they need to do a breakout for the weekly head and shoulders pattern .
- S&P 500 Analysis after closing bell
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- First chart shows price contraction. Should result in a bigger up or down move from the apex of the pattern.
- Immediate resistance at 2140 zone and 100 Day SMA.
- Support levels are between 2100 and 2120 zone.
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