April 17, 2015

ES Range update

  • ES 4 Hour shows price falling to the middle of the range.
  • ES Range is unlikely to resolve soon. Range bound move likely to continue.
  • EURUSD Chart analysis

EURUSD Chart analysis

  • EURUSD at crucial resistance levels.
  • Hour chart is trading above the cloud. Weakness only if price falls below the hourly cloud.

ES Chart analysis

  • ES shows some weakness at resistance levels, But for bears price need to stay below 200 Hour SMA as shown in second chart.

Reliance Industries at 200 Day SMA

  • Price testing 200 Day SMA
  • Bulls pausing at 940 - 945 zone which was the last major swing high. As the last chart shows this swing high must be crossed to start showing Higher High's and Lows.
  • So more bullishness on closing above 200 SMA.
  • NIFTY Chart analysis

NIFTY chart update

  • Price testing 50 day sma. Not a convincing break of 50 SMA yet.
  • Took support at 20 day sma and 38.2% fib level
  • Daily MACD is looking good for bears. But needs price to stay below 8645 levels