CRUDE Oil trend update

 

 

• Crude oil 4 hour chart shows correction in a bullish channel.
• Crude oil bulls should stay above the 4 hour cloud to avoid a bigger fall.
• Daily chart shows possible support at previous resistance zone.

ES Chart update

• ES 4 hour chart shows price at the resistance zone.
• ES took support at 200 Hour SMA and is back above 50 Hour SMA as well. Weakness if price starts to trade below 50 Hour SMA again.
• No breakout here means price may remain in a range for sometime before a bigger move can happen.
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NIFTY Chart analysis

• Daily chart shows price getting resisted at 50% Retrace and near 100 Day SMA. 
• Second chart shows weakness near the middle of the range. Longer the price stays in the range Bigger will be the direction out of the range. Another two months inside this range may give a bigger direction.
• Weekly chart shows weakness near 5 Week High EMA. Bulls need a close above this level for testing the upper end of the range. Bigger weakness only on trading below 50 Week SMA.
• BANK Nifty Chart Analysis

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