- Immediate support in one hour time frame is the confluence of support at 38.2% Fib level and 200 Hour SMA.
- 4 Hour chart shows support near 2560. The 100 Period SMA is staying near this level for now. Bears need a close below this line for a bigger correction to follow.
- The Direction of the channel shows the trend in force. Bears unable to draw or see such channels for now.
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- Apple near channel resistance line as shown in Daily time frame.
- Price and RSI in weekly chart is showing negative divergence.
- ES 4 Hour continues to stay above the cloud and 100 Period moving average.
- There was a violation of these levels But bears were unable to close below it. So the trend will remain safe in favour of bulls till price stay above these levels.
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- Apple Week moved up last week But price is trading close to a crucial resistance line as shown in chart 1.
- The current up move which is likely to extend further will complete a Triple negative divergence in Weekly chart.
- Bears must stay cautions as the weekly higher high and low is yet to be broken. Topping pattern can only be confirmed on price making a lower low. Weakness in weekly chart only on falling below 155 and 149 levels.
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- Bank nifty daily shows price at the top of the range.
- Weekly MACD is still bearish. So Bulls need to do a range breakout to negate bearish set up.
- Month chart shows RSI at overbought levels. But price is yet to show exhaustion. If daily range gives a breakout on the upper side, The up move is likely to extend further.
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- QQQ Weekly chart shows weakness. For now price is bearishly engulfing last 2 weekly candles. Bears need a lower close at the current levels to confirm the engulfing pattern.
- Hour chart too are staying close to crucial resistance levels. Bears need to keep price below hourly cloud to keep the negative set up intact.
- ES Analysis before opening bell
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- ES One hour shows price making a range. Price for now testing the Middle of the range.
- One hour shows price near crucial resistance levels like Hourly cloud and crucial moving averages. Break above these levels means the weakness is gone.
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