- Bank nifty has broken an important trend line in its weekly chart.
- With yesterdays lower close price has confirmed yet another bearish engulfing pattern in weekly chart.
- Next support is seen near 10730 levels.
- Problem for bank nifty is that if 10730 level breaks on closing basis there is not support seen in weekly chart till 9870 levels.
- FALLING WEDGE OF CRUDE OIL
CHART-II
- Range of SPY mentioned in the below chart has broken at 127.01.
- Next support in this time frame is the recent low at 126.19.
- Break of this level will be negative it will fill the remaining GAP in this time frame.
CHART-I
- SPY 30 minutes chart is showing support at 127.01 and resistance at 127.83
- Price is also developing a consolidation pattern which will give good movement on a breakout.
- Crude oil has been on a decline in hour chart after hitting 92 levels recently.
- But hour chart is forming a bullish reversal pattern a falling wedge.
- If pattern works according to the rules it can give fresh high's for crude oil.
- Break of support line will invalidate the pattern and will be negative in the short term.
- GOLD TRIANGLE BREAKOUT
- US Dollar is trading at the top of the range.
- Dollar is trading in a range of 79 - 81.52.
- More high's will be possible only if 81.52 level is taken out by the bulls.
- Failing to breakout of the range will be negative in the short term for US Dollar.
- ES Hour chart is trading between support and resistance levels.
- First support in hour chart is at 1264.50
- Resistances are at 1272.50 and 1276.75
- Nifty Futures line chart with 50 day moving average.
- NF is trading below 50 DMA and the important support/resistance area showed in chart.
- Closing the day and week below 50 DMA will be negative and favours bears.
- Trend is clearly down.
- We will get an opportunity to go long only if price stays above the cloud as shown in the previous trend.
- Till than its sell on rise.
