- SPX has given a bullish engulfing candle at the top of the trend.
- This candlestick formation is a bullish pattern so we can expect the bulls to continue the trend.
- Trend is so strong that even a 10 day moving average has given fewer whipsaws. From 1200 levels till now Price is staying well above 10 DMA.
- GOLD CHART ANALYSIS
- Gold Trading below its 50 day moving average.
- Closing below the cloud may extend this correction.
- This looks like a normal correction that happens in a bull market unless key levels are taken out.
- If price come back and close above 50 DMA we may see the up trend in action.
- Staying below 1360 levels will attract selling.
- ES Four hour chart with 50 period moving average.
- Price took support at the 50 period moving average today. This moving average in four hour chart has given good support till now.
- Staying above 1258-1259 level will favour bulls.
- For bears price should stay below 1258 and the 50 period moving average for creating downward momentum.
- Yesterday's GAP being filled today.
- Price is near 61.8% Fib level now.
- Dip to 78.6% may fill the GAP completely.
- EURUSD Daily chart with support and resistance levels.
- 50 Day Moving Average and 1.3496 level is will act as resistance.
- 1.3054 and 1.2967 levels will act as support.
- This range has to be resolved for larger movements to happen.
DAILY LINE CHART
DAILY BAR CHART
- Nifty has been going up after closing above its 50 day moving average.
- Next resistance zone for nifty is between 6186 - 6233.
- Stochastic and RSI are in overbought zone But MACD is suggesting some more upside. Negative divergence is yet to be seen.
- So the best trade would be to stay long with a trailing stop.
