- ES Four hour chart shows price in a range.
- Price closing above 200 period SMA may result in a bigger up move.
- For bears 50 period SMA has given good support as shown in first chart. Closing below this level may result in a bigger fall.
- For now the marked resistance zone and 23.6% Fib level may act as resistance.
- Crude oil weekly chart shown with possible support line.
- Daily and Four hour time frames still not signaling any turnaround. Price has to sustain above four hour cloud and 20 day SMA for a possible up move to happen.
NIFTY ONE HOUR CHART
NIFTY ONE HOUR CHART
DAILY CHART
- Nifty hour has a bullish cross. So price if sustains above 50 Hour SMA it should move higher.
- Price is consistently getting resisted at a resistance line shown in 2nd chart. Either it should give a breakout above this line or a correction may happen on falling below 50 Hour SMA.
- Daily picture will turn negative for bulls if price starts to trade below 50 DAY sma.
