- Immediate resistance levels for tata motors are 185 and the zone between 210 - 216 level.
- Price is also closing in on month High EMA. A bigger rally is possible only once price manage to close above month high ema.
- Weekly cloud and Month High EMA may act as resistance levels in the short term.
- Crude oil hits the resistance line in daily chart.
- If price shows weakness here without breaking above the trend line crude oil will start to fall.
- Breakout from trend line will find it hard to cross 89 - 90 levels.
- Google is approaching its resistance line in weekly chart.
- Second chart shows today's GAP. This gap may not get faded right away. Price may continue towards the resistance line and the correction from there may fill this GAP.
- ES Daily is about to hit its 100 SMA
- Price is trying to move above the cloud.
- so for bulls price has to stay above the cloud and 100 SMA. Closing the daily candle above the cloud and 100 SMA will lead to a sustained up move.
- For bears price has to fall back into the cloud and break below it.
- Trend line shown in yesterday's post has managed to stop bulls of nifty
- But For bears 50 SMA is a big problem. If price manage to stay above it then bulls will manage to take prices higher.
- Week high ema is important for bears. Closing the week above week high ema will lead to continuation of this up move.
- SPY daily time frame has given a Pin Bar formation.
- Pin bar is a powerful reversal formation.
- Immediate support for SPY is the 50 Day SMA. Bears need to breakdown below 50 SMA for an extended fall to happen.
- Bulls need to break yesterday's high for invalidating the bearishness of Pin Bar formation. If they manage to overcome the Pin Bar they may take price to 100 SMA and beyond.
- S&P 500 RESISTANCE LEVELS
- ES Hour is testing 50 Hour moving average and the cloud of this time frame.
- Price and MACD is diverging for quite sometime without major effects.
- Now price if falls below the cloud and 50 Hour moving average we may see the negative divergence take effect.
- Price staying above the cloud will continue to favor bulls of ES.
- S&P 500 RESISTANCE LEVELS
