- MSFT is approaching the resistance line of the triangle in weekly chart.
- We may get a short trade from the resistance line soon. bearish candles in daily chart may confirm a sell.
- Bulls can extend gains only if price is able to breakout above from the weekly triangle pattern which looks unlikely .
- Crude oil after giving a false breakdown below 75.67 is moving towards the resistance line in daily chart.
- Even if price manage to break above the resistance line, 89.50 level will be tough to cross.
- SPY RESISTANCE LEVELS
- 119.56 is the immediate resistance level for SPY.
- Price is showing good upward momentum. If price is able to sustain above 119.56 it may move towards 121 levels.
- Hourly indicators are overbought readings which may lead to some correction. For bulls correction should be limited to 117 levels. Price falling below 117 will favor bears for an extended fall.
- ES is in a neutral area with both bullish and bearish possibilities from here.
- Overbought indicators and 50 Day SMA is suggesting a correction But price sustaining above 50 SMA will favor bulls for extending this up move.
- Price breaking above the resistance line too will favor bulls.
- GOLD NEAR RESISTANCE LINE
- SILVER RESISTANCE LEVELS
- 1679 is the resistance line of the ascending triangle of gold shown in four hour chart.
- For bulls price should breakout above this level and sustain above 100 period moving average for a sustained up move to happen.
- Getting resisted here will be negative for gold.
- SILVER RESISTANCE LEVELS
- Silver is approaching its 100 period sma in four hour chart which might act as resistance.
- Four hour chart shows resistance between 32.81 - 33.52 levels.
- Bulls of silver needs to sustain above these levels to continue the up move.
- GOLD NEAR RESISTANCE LINE
- Reliance is near a resistance zone.
- Price is testing its 20 SMA and cloud. Price sustaining above the cloud may result in an up move.
- In the short term bigger moves will be possible only after the triangle pattern gets resolved.
- NIFTY WEEKEND UPDATE
