SPY Support and resistance levels

• SPY is in a range of 126.15 to 127.86
• Recent fall took support at 126.15 so further correction will be possible only if 126.15 is broken on a closing basis.
• Things will look positive for bulls if price starts to trade above 127.01 again.

S&P 500 Futures Before opening bell

• Channel of ES in four hour chart has given a negative price action.
• Bulls has to close above 1263.50 for continuing the up move again.
• If price continue to trade below 1260 ES will start to drift lower.
• Immediate Support levels are 1257 and 1255.50
• BIDU BREAK ABOVE 50 DAY MOVING AVERAGE
  
  

Nifty Futures Support level

CHART-II

• Support line mentioned below has been violated.

CHART-I

• Nifty Futures 4 hour time frame with 200 period moving average and the trend line support.
• Nifty Futures does get support below the 200 period moving average in four hour time frame.
• So if NF has to go down more it should break the trend line shown in this time frame. Twice we had good up move from this trend line So it may happen again. 
• One has to be cautious while going long because counter trend trades are the most riskiest so keep a tight stop loss. If the trend line breaks one should get out of the long trade.

Nifty Daily Analysis

• In the weekly chart nifty's previous resistance levels did gave support to nifty when it fell last time followed by a bearish engulfing pattern in weekly chart. This time nifty has finished a bearish engulfing pattern in weekly chart again, So will the support line shown in weekly chart be held, only time can give the answer. But seeing the ease at which price broke below 50 DMA things are favouring bears for a larger correction. 
• There is a possible triangle pattern in daily chart shown in the second chart If the support line of that pattern is held Correction will be small. If the support line gets broken on closing basis price may test the 200 DMA.
• MACD and Stochastic are looking negative. Stochastic in daily has not yet reached the oversold region. MACD just gave a negative cross.
• CNX - IT BEARISH ENGULFING PATTERN
  
• BANK NIFTY WEEKEND UPDATE

BIDU breaks above 50 day moving average

• Bidu has closed above its 50 day moving average.
• Stock has one more resistance line to cross in the daily chart before it can turn really bullish.
• Breakout can give fresh high's for Bidu. 
• Supporting Trend line in weekly chart too looks strong .
• Stock if unable to sustain above 50 DMA it will be negative in the short term.
• CISCO TRYING TO FILL THE GAP
  
• FALLING WEDGE OF CRUDE OIL
  
  

CISCO Enters the GAP

DAILY CHART

DAILY CHART

WEEKLY CHART WITH FIBONACCI LEVELS (CLICK TO ENLARGE)

WEEKLY CHART WITH STOCHASTIC INDICATOR

• Two daily charts and two weekly charts of Cisco systems.
• First chart shows price entering the GAP in daily chart.
• 2nd chart shows price closing above its 50 day moving average.
• Weekly chart shows good support at 19 levels that is the 61.8% Fibonacci level in weekly chart. Price has gone up from there, broke above 50% level and closed above 50% fibonacci level. If price sustains above 50% Fib level then the next logical target would be the 38.2% Fibonacci level which is at 22.34. For this level to be achieved price should stay above its 50 day moving average.
• Weekly stochastic is also looking positive.
• FALLING WEDGE OF CRUDE OIL
  
  

CNX IT - Bearish Engulfing candlestick pattern

WEEKLY CHART

DAILY CHART

• CNX-IT weekly chart has given a bearish engulfing pattern.
• MACD Indicator in daily chart has given a bearish cross.
• Price has stopped at the 20 dma line of the Bollinger band. Price breaking and closing below it will be negative.
• BULL FLAG OF CNX-IT