- RIMM Daily has slipped below 200 day moving average. Price has not moved away too much from 200 DMA. Chance of a bounce is seen in the weekly chart.
- Price is testing the 61.8% Fib level in weekly chart. If weekly candle confirms a reversal candle on Friday we may see buying coming back to RIMM.
- One has to wait till the weekend to confirm a reversal candle, Because if 61.8% Fib level breaks then more downside is possible.
- SPY Hour is trading near its 200 Hour moving average.
- If 38.2% Fib level and 200 HMA holds we may see an up move.
- Break of 38.2% Level may lead to 129.80 levels.
- ES HOUR CHART ANALYSIS
- ES Hour has to break the resistance line in hour chart for continuing the upward momentum seen today.
- Crucial Fib level of 61.8% is at 1324. This level has to be crossed on closing basis for things to turn completely in favor of bulls.
- If Price gets resisted at 38.2% then price will slip towards 1312 level.
- ES HITS 50 DAY MOVING AVERAGE
- Nifty Fibonacci level for the fall from 5944 - 5735.
- Price has retraced to 61.8% Fib level.
- Nifty has to sustain above the Golden ratio for continuing this upward momentum.
- Nifty spot closing above 5810 will give a bullish engulfing pattern.
- Nifty is retesting the channel from which it gave a breakout. Falling back into the channel will help bears.
- Staying above the channel resistance line will help bulls.
- Price is respecting the weekly reversal candle formed last week.
- Bears will be safe to hold on to the short positions as long as price trades below 5850.
- Price Trading above 5850 means entering the tail of the reversal candle which will make bears uncomfortable.
- Reversal candle has formed after price hitting a broken trend line which acted as support.
- CRUDE OIL BACK TO THE BREAKOUT LEVEL
