January 3, 2017

CRUDE Oil false breakout

  • False breakout usually gives fast result on the opposite side that's what happened here.
  • Now 52.10 levels and 100 SMA are crucial. Price is already below 100 SMA. If 52.10 is not held then bigger correction is possible.
  • Staying above 52.10 and moving above 100 SMA can avoid a bigger fall.
  • GOLD Support levels

GOLD support levels

  • If the support levels shown holds Gold likely to resume the bounce.
  • Weakness only if price stays below 1144 and 1136 levels.
  • Staying above 1144 price likely to move towards 1160 levels again.

ES Analysis before opening bell

  • 4 Hour chart shows price moving up from 200 Period SMA.
  • Immediate resistance at 50 Period SMA and if bulls move above this line it could lead to 2273 levels. Weakness at 50 Period SMA may give an intraday sell.
  • CRUDE Oil bullish price action

CRUDE Oil Bullish price action.

  • Crude oil shows bullish price action as price has moved out of the Ascending Triangle.
  • 54.36  -  54.50 should be be held by crude bulls to avoid weakness. This time frame will start to favour crude bears if price starts to trade below 53.41 levels.

NIFTY 15 Minutes and One hour charts

  • Nifty 15 Minutes cloud trade continues from 7959.
  • Crucial support numbers in 15 Minutes are 8148 and 8134.
  • Hour shows crucial high's at 8228 and 8274.
  • Price sustaining below 15 Minutes cloud will hint first sign of weakness for this up move. 

Nifty morning update

  • Nifty daily moving into the daily cloud. Price likely to move towards the top of the cloud, The recent swing high is 8274. For a bigger reversal price need to stay above the cloud which is unlikely to happen.