- First chart is the weekly time frame which shows the breakout and the Lack of upward momentum for bulls.
- 4 Hour chart shows crucial support levels for the coming week.
- Daily is staying above 50 Day SMA. Bigger weakness if price falls below 50 Day SMA.
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- Gold weekly chart shows price moving into the 1200 zone. This area acted as a support zone previously so it may act as resistance.
- One hour is showing strong trend above 100 Period SMA. Gold bears need price to sustain below this moving average for a bigger correction to happen.
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- ES 4 Hour chart shows price falling towards 200 Period SMA, This line acted as support recently.
- Daily support levels are at 2228 and Rising 50 Day SMA. Price structure will turn bearish only if these levels are broken.
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- Nifty hour shows trend extension. Now the weakness level is raised to 8306.
- Weekly chart shows 50% at 8431 and Middle Bollinger band or 20 Week SMA at 8435. Now this band becomes the crucial level of resistance for Bulls to cross above.
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- As shown in one hour time frame the Trend is still in favour of Bulls. No weakness seen yet. If the 200 Day SMA does not spoil another High's are possible.
- Daily close need for bulls above 200 SMA.
- Weakness returns in daily time frame below 8218 levels.
- CRUDE Oil violates support levels
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- Crude oil 4 hour chart shows price violating support lines.
- Price staying below 200 Period SMA will add more strength for crude oil bulls.
- If bulls cannot take price above 200 SMA then correction may extend towards 50.55 and 49.75 levels. So this is a crucial level for crude oil bulls to defend.
- GOLD Trend Update
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- Immediate support and resistance levels for Gold are 1170 and 1185. Another range breakout if sustains above 1185 towards 1200 levels is possible.
- Weakness below 1170 levels and the 100 Hour SMA. Hour trend will be safe till price stays above the 100 Hour SMA.
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