- Sustaining above 50 SMA and the resistance line shown in first chart is important for bulls.
- Two more day's for this week to close and closing the week above 5177 will favor bulls. Weekly MACD is converging if it gives a buy this up move will get extended.
- Above scenario possible only if price sustains above 50 SMA. For bears price need to close below 50 SMA.
CHART-II
- Price tried to go through the resistance level mentioned in the below chart. But reversed and closed below the resistance level (1219 - 1227).
CHART-I
- S&P 500 is approaching resistance level in weekly chart.
- Resistance is between 1219 and 1227 levels.
- getting resisted here can give a short trade for bears.
- For bulls closing above this level may give 1250 area.
- Copper weekly chart is showing bullish engulfing pattern
- Current week closing above 3.3275 will be good for bullish traders.
- Immediate resistance is at 3.4688, Crossing this level will add strength for bulls of copper.
- Gold has moved above 100 Hour SMA.
- For bulls of gold price should sustain above 100 Hour SMA and it should also hold on to 1670 - 1680 levels.
- Falling below 100 Hour SMA right now will favor bears for a correction.
- ES is trending up in hourly time frame
- Price staying above 50 Hour SMA will favor bulls.
- Ichimoku cloud for this time frame too is favoring bulls as of now.
- For bears MACD and Price is showing some negative divergence in hour chart. This will be effective only if price starts to trade below 50 Hour SMA.
CHART-II
- Broadening pattern breakout has worked in favor of bulls. Closing too looks good for bulls
CHART-I
- Nifty is trying to breakout of the broadening formation in 5 Minutes chart.
- For bears price should fall below 5056
- Price sustaining above the resistance line of the broadening formation will favor bulls.
- For nifty bulls they have to stay above 50 SMA and above 5045 which was the recent high to make a bigger move.
- Price falling below 50 SMA may attract selling.
