- Line chart shows the tesla channel. Price respecting the parallel lines so far and the current up move may test the channel resistance line again.
- Recent fall was due to negative divergence, Current up move is also likely to give negative divergence when price hits the channel resistance line.
- Strength above 133 and Weakness on price falling below 20 Day SMA.
- S&P 500 WEEKEND UPDATE
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- 4 Hour chart shows the steady ascent of gold above Ichimoku cloud.
- But Daily chart shows price testing the cloud. This has acted as strong resistance level recently.
- Last chart shows price managing to close above 50 Day SMA. So for next week weakness can be seen on daily closing below 50 Day SMA. Price sustaining above 50 SMA may lead to higher levels in gold.
- S&P 500 WEEKEND UPDATE
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- Daily chart managed to close above crucial resistance levels.
- Daily line chart with parallel lines or channel shows price near resistance line.
- Daily MACD is moving towards a sell signal. Price falling below 1671 may lead to a fall. Longs possible above 1698 But Risk reward ratio does not look good for bulls at this stage.
- From the above charts we may conclude that a close below 200 SMA or below the cloud may take nifty towards the GAP shown in the last two charts.
- Daily chart shows a MACD Sell signal and a violation of 50 Day SMA this is a good sell signal usually But for now the presence of 200 SMA should make the bear cautious of a bounce.
- Weakness below 5850. Strength above 5950
