- Nifty falling back to its 100 Day SMA again. Another test of this line may work in favour of bears to close below it. Then price may fall to the 200 SMA. Bigger trend or the Daily trend will not change unless price close below 200 Day SMA.
- Week has closed right at 20 Week SMA. Difficult to know the direction from here. A bigger bounce may happen or a breakdown below 100 SMA is also possible.
- Crude bulls trying a Bullish swing
- Bulls need to stay above hourly cloud and the 20 SMA of 4 hour time frame. Closing below these levels will negate the bullish attempt by crude bulls.
- We saw the Second long shadow at the 200 SMA and discussed the possibility of 2700 again But i was not expecting a complete reversal. Its not yet a complete reversal, Week need to close above 2760 for bulls to confirm strength in Weekly time frame. Today's close being a weekly one is crucial for Both bulls and bears.
- Fall below 2689 may trigger a correction today. Staying above the hourly trend line will continue to favour bulls to extend gains.
- ES Hourly bullish "W" Pattern which worked well
- PNB Month chart shows price at crucial support level of 128. If this level is not held then price may fall towards 112.
- Month chart also shows the possibility of a Big Bearish M pattern. For this one to come good price must sustain below 128 and 112 levels.
- Bulls need to sustain above 128 levels to avoid the bearish scenario.
- ES 4 Hour and Daily is back to recent resistance zone. During the fast fall price bounced from 200 SMA to this zone. If this zone acts resistance another visit towards 200 SMA is possible But for now Bulls are showing some strength.
- Infosys daily chart shows support line at 50 Day SMA. Bigger weakness for the stock only if price closes below this line.
- For now Daily Lower Bollinger band is acting as support. Bigger up move above 1142 levels. Weakness only on closing below 50 Day SMA.
- IWM Month chart shows the Breakout from the pattern and Price retesting the pattern resistance line. The resistance line of the pattern is now acting as support. This breakout will be invalidated if price falls back into the pattern.
- IWM Week shows support at 50 Week SMA. Bulls are safe if price stays above this line. Next bigger fall when and if price closes below this line.
