November 7, 2017

S&P 500 Futures chart analysis before opening bell

  • ES 4 Hour chart shows price trying to stay above previous resistance line. Bears hoping for a false breakout to play out. Price closing back into the pattern may favour bears for the day.
  • 2585 and 50 Hour SMA are crucial support levels in one hour chart

NIFTY Rising wedge cloud and Hanging Man update

  • Rising wedge in hour is showing some hope for bears. Bears also need a close below 30 Minutes cloud to confirm weakness. 
  • Bulls need to Hold above 30 Minutes cloud to negate the bearish setup.
  • The Hanging man candle lost its effectiveness yesterday when price did new high's. But today's price action so far looks good for bears. Bears though need a close below 10400 levels to confirm weakness.