CHART-II
- Fall below 100 Hour SMA did not last long.
- For now the hammer pattern in hour chart has saved bulls from a bigger correction.
CHART-I
- ES staying below 100 Hour SMA will favor bears for extending this correction.
- Trend line in hour chart too has violated.
- For bulls price need to get back above 100 Hour SMA.
- Dell is looking weak near the resistance line of the triangle pattern.
- Stochastic indicator has reached overbought status.
- So for bulls of dell what is needed is a breakout above the resistance line or face a correction towards the support line of the triangle pattern.
- Crude oil Channel in daily chart is pausing near the resistance band of 102 - 104.60.
- Price is still above 200 and 20 Day Moving averages.
- Weakness in crude oil on closing the day below 20 Day SMA.
- MCX Crude oil chart below this post
- Nifty one hour chart shows smooth up move above 20 and 50 Hour SMA.
- For bulls price has to stay above 200 Hour SMA for extending this rally.
- Price is nearing the Golden ratio. This one too has to be taken out decisively by bulls for continuing this up move. Any weakness seen near golden ratio may give a good short trade.
- Reliance Bulls staying above 5 day high ema will favor an up move MACD is also looking good for bulls.
- 38.2% Fib level is acting as resistance now. If it is crossed then price may move towards 50 Day SMA.
- Bigger up move may happen only if price breaks and stays above 20 and 50 Day SMA.
- Stochastic in Weekly time frame is moving down So this up move will face hurdles at important resistance levels.
