- ES Daily chart shows price moving above 2450 resistance zone. Weakness for This bullish setup only if price starts to close below 2450 zone.
- Second chart shows the failure of Bears to keep price below 50 Day SMA. Those failed breakdowns led to bigger up moves in favour of bulls.
- 4 Hour chart shows immediate support levels 2450 and 2445 respectively for bulls.
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- These two charts were shared on May 30. Month chart was shown with Bullish possibility and Hour chart was shown with and Ascending broadening wedge and Price held on to the resistance line before it starts to go down eventually. But the long entry at the Hourly support line worked well. Everything that happened in Hour chart may happen in Month time frame as well.
- This is the difficult part of trading When one expects a sudden reversal it takes its time. When traders expect sideways action it reverses suddenly. Secret is to be consistent with your setup and have stop loss. Sometimes one has to do Multiple entries. For example If you have a 25 point stop loss You should go for a 125 point successful trade. In that way the Good trade takes care of 5 Wrong trades. Sometimes when the trade really goes in you favour it can take care of even 10 Wrong trades. This According to me is the only way to be a successful trader in the long term. One has to build Good habits which is useful for you in the long term.
- Click the link to see the May 30 Post with Month and Hour charts .CLICK HERE;
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- ES 4 Hour chart shows price near crucial support zone of 2415.
- Daily too has a rising 50 Day SMA as support. Break of these two levels may lead to bigger correction.
- Weekly shows negative divergence. This can either work well for bears with good correction or price may start to move sideways followed by an upper breakout. I am expecting a correction if price start to trade below 2400 levels Targeting 2315 levels.
- Nifty daily chart with 20 and 50 SMA shows price falling into the buy zone between 20 and 50 SMA. Weakness for bulls can be confirmed only on daily closing below 50 Day SMA.
- Weekly chart is showing slight weakness with negative divergence. MACD lines too is closing in on a bearish cross.
- If daily closes below 50 SMA Then the weakness is likely to moving into the Weekly chart as well.
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- Crude oil 4 hour chart shows bearish trend intact.
- The channel and cloud will continue to support bears to take price further downwards.
- Break below 42 likely to take price towards 40 and sub 40 levels.
- For a bigger reversal price must move out of the cloud and channel.
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- 4 Hour chart shows the immediate support line for the current fall. Current fall is likely to take price below 44 levels.
- Daily chart is showing bigger possibilities for bears. There is a head and shoulder pattern with 2 shoulders. If this goes well for crude bears price may reach levels below 40 in the near term. There could be bounces But the easier target to predict at this juncture is 42 and 40 levels in the short term.
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- 4 Hour chart shows a head and shoulders Top and subsequent breakdown. The downswing in 4 hour chart will stay effect till price stay below the cloud.
- Weekly chart shows price violating the up trend line from 35 levels and is showing more bearish possibilities. 42 is the crucial level to avoid a bigger breakdown. Immediate level for crude bulls to protect is 45. Below 45 price may fall to 42 levels.
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