- If SPY does not breach 112 on closing basis we may see an up move soon.
- Indicators in four hour chart are poised for a rise.
- Price is in a broad range between 112 - 122 levels. The lower end of the range is getting tested. Indicators are suggesting for a bounce so bulls may get some relief for a while.
- ES POSITIVE DIVERGENCE
- Gold is trying to Re enter the weekly channel.
- Price has broken 50 Day Moving average and is testing its 100 Day Moving average.
- We may see a bounce if 100 DAY SMA holds. Bearish momentum is high so longs will be risky.
- In the medium term price may try to enter the Weekly channel shown in the first chart and continue the steady up move staying within this channel.
- ES POSITIVE DIVERGENCE
- SILVER Breaks below 50 week moving average.
- 32.30 level may act as support for sometime.
- If 32.30 goes then silver may target 50% Fibonacci retrace level for the rise from 8.44 to 49 levels.
- ES POSITIVE DIVERGENCE
- ES Hour is moving down in a channel
- Cloud is shown in 30 Minutes time frame. Cloud is acting as resistance. Price breaking and sustaining above it may give good up move.
- 30 Minutes is also showing divergence with MACD yet to confirm by price.
- For bulls price should break above the channel for a sustained up move to happen.
- Price closing above Week low ema may give some relief for bulls.
- Next supports are at 4890 and 4815 levels.
- Price got rejected at the middle channel. This could just be a bottom formation in weekly time frame as long as there is no wild falls. When the bottom formation completes the middle channel will be broken.
- Silver has violated its trend line in daily chart.
- Price is moving down towards its 50 Week moving average.
- So First target could be around 34.50 levels approximately.
- Week closing below 50 week moving average could bring more down falls for silver.
- USO TARGET FOR THE BREAKDOWN
