SPX HOUR
- SPX Daily closed near 20 day moving average.
- SPX Hour is approaching 200 Hour moving average.
- If price gets resisted here we may see a correction.
- For bulls price should sustain above these Two crucial levels.
- SPX ASCENDING TRIANGLE
- If price breaks the dotted trend line then bulls can reach 5330 level that is the resistance line of the channel.
- Further down move will happen once price breaks the hour channel.
- This consolidation should be considered as a bearish one since its happening after a sudden fall. So unless a breakout above the channel happens bears will be in control.
- Intraday up move towards the top of the range in 5 Minutes time frame May happen If the support line shown here is held for today.
- Stochastic indicator shows the chance of an extended bounce.
- But the breakdown level of 5350 - 5370 level will be tough to conquer for bulls.
- Major Fib levels too showing 23.6% Fib level coinciding with the breakdown level.
- So for a bigger move to happen nifty should close and sustain above 5371 level.