- Nifty weekly chart may confirm a Dark Cloud Cover pattern today. This will be negated only if nifty close the week higher.
- This weeks candle has covered more than 50% of the previous candle. If it closes like this it will favour bears. Dark cloud cover is a bearish pattern.
- BEARISH ENGULFING OF BANK NIFTY
- Bank nifty is looking weak. Price is showing its 3rd bearish engulfing pattern in weekly chart..
- Third bearish engulfing will be confirmed with today's close.
- Since the index is oversold, Price may find support near 10970 level.
- US DOLLAR TECHNICAL ANALYSIS
- US Dollar daily chart with price above 50 day moving average.
- Price has been in a range of 79 - 81.52 for quite sometime now.
- So the upward momentum of dollar will gain momentum only if price stays above 81.52.
- EURUSD CHART ANALYSIS
- EURUSD looking negative after a trend line break in daily chart.
- Price May get support at the 78.6% Fibonacci levels.
- Larger correction may happen only if this level gets broken.
- Bidu took support on its trend line in daily chart. But bigger up moves can only happen if price breaks above its 50 day moving average and the resistance line in daily chart.
- 50 DMA may act as a selling area.
- GOLD CHART ANALYSIS
- ES Trading near the top of the range.
- One can expect a correction from here. It may also be a sideways correction followed by an up move because of the strong up trend as seen in the ascending channel.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty line chart shows price taking a U turn from its up move.
- Now the main support lies between 5985 - 6015. We have the 20 day and the 50 day moving averages here. So large correction will only be possible if this support area is taken out by bears.
- Price action is moving towards 5 day low ema. So if Bulls are to stop this correction we will see the price action moving towards the 5 day high ema.
- GOLD BELOW 50 DAY MOVING AVERAGE
