June 2, 2015

Crude oil support and resistance levels

  • Crude oil Bulls getting strong support from 50 Day SMA. Price managed to close above 200 SMA. 62 Levels has to be crossed on closing basis for bigger up moves to happen

Apple chart update

  • Apple daily chart shows overbought RSI.
  • Bigger correction only on Triangle breakdown and break below 200 Hour SMA.

ES Chart analysis

  • Price continues to stay above the daily cloud and rising support lines. Bulls safe till these levels are protected.
  • Weekly is showing a potential rising wedge pattern for bears.

Nifty chart update

  • Nifty RSI is overbought, But price yet to show any weak candles yet. If one see recent overbought signals that worked well they all had Bearish engulfing candles with it. But the one which is shown in first chart was an exception were price kept moving up and indicator stayed overbought. 
  • Second chart shows price moving around 50 and 200 sma. Sideways action may continue if price stays in the range of 8270 - 8500.