- During the last up move price turned down from 12750 levels.
- Today's Up move too is finding resistance at the same place.
- This does not mean that price is going to fall from here.
- MACD shows developing negative divergence. But there are chances of price making another high before negative divergence shows its effect.
- If price closes the day below 12750 levels then chances of a correction is there.
- Crude Oil daily chart with resistance line
- For today's candle Resistance line is around 100.60 level.
- Daily close above this level will add momentum to Crude Oil Price.
- Next resistance comes around $ 104 levels.
- SPX has done the 78.6% Fib retrace for the fall from 1356 to 1295 levels.
- If the Trend line and the Cloud gives support 1356 level is possible soon.
- Price breaking below the trend line or cloud will be negative.
- Steep rise in price may give a buy on dip chance which can take price higher.
- If 78.6% Acts as stiff resistance then a 100% Reversal to 1356 may get delayed.
- ES Four hour chart is near resistance levels.
- 1330 acted as previous support this level may act as resistance.
- Price staying above this level can extend this up move.
- 50 period moving average in four hour time frame is acting as support.
- Nifty daily chart shows very little follow up selling by bears after the bearish engulfing pattern.
- But the head and shoulders pattern in 15 Minutes chart is still intact.
- Price has closed below 5 day low ema.
- Now 50 DMA May get tested tomorrow.
- Head and shoulder formation in 15 Minutes chart.
- Pattern is not perfectly formed Yet price action looks bearish.
- But downward momentum will increase only if the dotted neckline gets broken.
- staying above the neckline may attract buying.
- Nifty is showing bearish price action.
- Price has fallen below the middle bollinger band in both daily and weekly chart.
- Price has given a bearish engulfing pattern in daily time frame.
- But a trending down move may only happen when price closes below 5 day low ema which is yet to happen.
- Bearish Engulfing pattern needs confirmation. A long black candle or a high volume sell offs can be taken as confirmation for bearish engulfing. So in this case breaking 5550 and further breakdown below 5496 can give clues for a breakdown.
- When price breaks 5496 the MACD sell signal may start to work well.
- 50 DMA is @ 5506
- D Day Low Ema is @ 5556 (Yesterday's Values)
- NIFTY - 5 MINUTES HEAD AND SHOULDERS UPDATED
- Price in daily chart remained above 50 and 20 day moving averages.
- We have a Bullish cross over of the above mentioned moving averages and if prices remains above them it will move higher.
- Today's candle suggests some weakness but follow up selling needed for a bigger correction to unfold.
- Hour charts shows price getting stuck @ 50% Fibonacci level.
- Hour chart also shows a possible Inverted Head and Shoulders pattern possibility.
- But if the correction is large as shown with the last chart things will turn bearish again.
- ES INTRADAY ANALYSIS -CLICK HERE
