- Month candle shows the 200 plus points recovery But with one more day for month close the month candle is likely to be a Doji one. If March month is going to be a bearish one, Month will complete a Bearish set up.
- 4 Hour chart shows a possible rising wedge pattern. This mostly ends in favour of bears.
- 30 Minutes chart shows price trending above the cloud. Bears need a cloud break in this time frame to see weakness.
- Nifty hour chart is testing resistance zone
- Day is also struggling at 50 Day SMA. Bulls will gain more strength only if price closes above 50 Day SMA. Day close at the current levels or lower will be negative for bulls.
- Month chart is shown with crucial price zone of 10530. Month close below this level will confirm bearish engulfing in Month chart. So with one more day to go for month close this price action is important.
- Week is trying to break into the bullish zone.
- Daily is already back above 20 and 50 Day SMA. If today's candle closes stays above these lines bulls may gain further momentum. If today is a bearish close below 50 and 20 SMA then bears may resume the fall.
- Gold month is near the resistance zone of the Big Ascending Triangle pattern. Day is showing some weakness But the bigger pattern in Month chart is bullish for Gold.
- Support in daily chart is near 1305 levels. If price stays above this level Bulls are safe from a bigger correction.
- 4 hour chart shows a small range between 1323 - 1335. This range should give direction for next week.
- Week candle managed to come back and close above Middle bollinger band. The bullish shadow of the weekly candle is giving hope of a bigger up move.
- Although week is trying to turn up the Month candle is still in the grip of bears. Price need to move back above 10530 levels to avoid the Bearish engulfing pattern in Month time frame.
- One hour has moved above the cloud. If sustains above the cloud a bullish move is possible.
- ES one Hour is putting up a Bullish pattern as shown in first chart. Its a bullish V. Price is likely to correct from the current levels and if the correction is limited to the support line of the pattern an Upper breakout is possible.
- Daily has closed above 20 Day SMA.
- Weekly chart shows candle recovering from the lows But closed at the resistance zone. Bulls need to do more and stay above 2760 levels to erase the weakness completely.
- Gold 4 hour chart shows a bearish M shaped correction. Next level to watch is 1322. Below 1322 price should fall to the Main support zone between 1305 - 1310. For the Day bullishness above 1334 levels.
