Bank of America Weekend update

 

• Weekly candle has managed to close above 100 Week SMA with Volume increase.
• Price has also managed to close above the weekly cloud after a long gap.
• Next resistance level in weekly chart is at 10.1. This level must be crossed for extending the current up move towards 11 which is the next resistance area.
• SPY BULL FLAG AND BEARISH CANDLE

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BANK NIFTY Weekend update

• Bank nifty Weekly chart in a contracting pattern and closer to a breakout.
• 2nd chart shows the targets or profit booking zones in case of a breakout.
• Last chart shows price closing above 50% Fibonacci level. If the recent high of 10782 gets broken we may see an up move towards Golden ratio.

SPY Bull flag and Bearish candle

• SPY 5 Minutes shows a bull flag pattern.
• Price has fallen below the cloud of 5 Minutes. So intraday bulls need to get back above the cloud for continuing the trend.
• 4 Hour chart shows a bearish Shooting start or an Inverted hammer candle. This one need price to follow up with a negative candle as confirmation of weakness.