January 2, 2015

CRUDE Oil Trend update

  • 50 levels is crucial for crude oil as can be see in the Monthly chart. 78.6% Fib level comes around 50 levels. Daily close below this level may extend the fall. Crude oil bulls need to hold above 50 levels to stop further correction.
  • Daily and 4 Hour time frames continues to trend in favor of Crude oil bears.

S&P 500 Futures chart analysis

  • ES One hour chart shows price below the hourly cloud
  • 4 Hour chart is testing 100 period SMA. Close below this line may give bigger falls.
  • Last chart shows price testing crucial fib levels.

Bank of America Bearish and Bullish Views

  • Bank of america daily chart shows a bearish engulfing pattern. Pattern for now does not have volume spike.
  • Weekly chart shows price testing the swing high near 18 levels. If weekly chart confirm weakness another dip towards the rising trend line is possible.
  • After correction if the rising trend line holds a bigger breakout is possible from this weekly bullish pattern. In the very short term if 18 is not crossed it may give a correction.

TATA Steel chart analysis

  • Weekly charts of tata steel is at a crucial support level. Price is testing the cloud and 50% Fib level. Usually stock bounces if it pauses near the cloud base.
  • But one must be careful here as the daily trend is still down. 3rd chart shows a price range. Bulls need a breakout from the range. If price pauses near the upper resistance line the down trend may continue.

Bank nifty chart analysis

  • Bank nifty weekly chart shows good negative divergence. This Divergence is shown only for a guidance, trading based on it can be risky as it may take time to confirm the divergence.
  • Immediate support levels are 20 Day SMA and  18410 level. Weakness in daily chart if price closes below these levels.