CHART-II
Range of SPY mentioned in the below chart has broken at 127.01.
Next support in this time frame is the recent low at 126.19.
Break of this level will be negative it will fill the remaining GAP in this time frame.
CHART-I
SPY 30 minutes chart is showing support at 127.01 and resistance at 127.83
Price is also developing a consolidation pattern which will give good movement on a breakout.
Crude oil has been on a decline in hour chart after hitting 92 levels recently.
But hour chart is forming a bullish reversal pattern a falling wedge.
If pattern works according to the rules it can give fresh high's for crude oil.
Break of support line will invalidate the pattern and will be negative in the short term.
GOLD TRIANGLE BREAKOUT
US Dollar is trading at the top of the range.
Dollar is trading in a range of 79 - 81.52.
More high's will be possible only if 81.52 level is taken out by the bulls.
Failing to breakout of the range will be negative in the short term for US Dollar.
ES Hour chart is trading between support and resistance levels.
First support in hour chart is at 1264.50
Resistances are at 1272.50 and 1276.75
Nifty Futures line chart with 50 day moving average.
NF is trading below 50 DMA and the important support/resistance area showed in chart.
Closing the day and week below 50 DMA will be negative and favours bears.
Trend is clearly down.
We will get an opportunity to go long only if price stays above the cloud as shown in the previous trend.
Till than its sell on rise.
Nifty weekly chart may confirm a Dark Cloud Cover pattern today. This will be negated only if nifty close the week higher.
This weeks candle has covered more than 50% of the previous candle. If it closes like this it will favour bears. Dark cloud cover is a bearish pattern.
BEARISH ENGULFING OF BANK NIFTY
Bank nifty is looking weak. Price is showing its 3rd bearish engulfing pattern in weekly chart..
Third bearish engulfing will be confirmed with today's close.
Since the index is oversold, Price may find support near 10970 level.
US DOLLAR TECHNICAL ANALYSIS
