- Crude oil correction from Triangle resistance line.
- Price is at 200 and Day SMA and nearing triangle support line.
- For a bigger fall price must breakdown below 200 SMA and Triangle support line.
- Facebook has broken above the resistance line.
- 4 Hour chart also shows price testing 50 period SMA. Price must sustain above this line for a bigger up move to happen
- For ES bears price must sustain below the broken 100 period SMA.
- 4 Hour chart shows bulls trying to hold above 23.6% Fib level.
- Hour chart shows price falling from 50% Fib level.
- IWM Closed below 50 day SMA.
- Immediate support levels are the 23.6% Fib level and swing low of 88.79.
- If the weekly candle closes around the current levels or lower then correction could extend towards the earlier resistance level of 86 as shown in last chart.
- S&P 500 ANALYSIS AFTER CLOSING BELL
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- Bank Nifty Daily chart shows bearish cross with 20 and 50 Day SMA.
- 50 Week SMA is a crucial support level.
- Oversold stochastic need price to hold above 50 Week SMA and support level to hold for an up move to happen.
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- SPX Testing 23.6% Fib level.
- Price correction followed by clear negative divergence with Price and RSI.
- Recent falls like this has limited itself to the Daily Lower bollinger band. Price is likely to test this level again.
- ES CORRECTION AND SUPPORT LEVELS
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- Gold daily chart shows price continues to break support levels.
- Daily chart also shows Ichimoku cloud acting as strong resistance levels.
- Weekly chart shows a possible support level between 1522 - 1532.