- Price is pausing after an up move. The last chart shows 5 Day High EMA trying to cross 50 Day SMA. At this stage if price price stay above 5 Day high EMA on closing basis this up move will continue to gain strength.
- Weakness can be seen if price does not hold above 5 Day High EMA or a close below 50 Day SMA.
- 50 Day SMA at 5017
- 5 Day High EMA at 5025
- US DOLLAR ANALYSIS
- Price is showing a consolidation triangle pattern in four hour chart which may give good direction on breakout.
- USD will trade sideways to negative if it stays below 50 Period SMA.. Breakout below 200 SMA or above 50 period SMA can give good direction..
CHART-II
- Fall below 100 Hour SMA did not last long.
- For now the hammer pattern in hour chart has saved bulls from a bigger correction.
CHART-I
- ES staying below 100 Hour SMA will favor bears for extending this correction.
- Trend line in hour chart too has violated.
- For bulls price need to get back above 100 Hour SMA.
- Dell is looking weak near the resistance line of the triangle pattern.
- Stochastic indicator has reached overbought status.
- So for bulls of dell what is needed is a breakout above the resistance line or face a correction towards the support line of the triangle pattern.
- Crude oil Channel in daily chart is pausing near the resistance band of 102 - 104.60.
- Price is still above 200 and 20 Day Moving averages.
- Weakness in crude oil on closing the day below 20 Day SMA.
- MCX Crude oil chart below this post
- Nifty one hour chart shows smooth up move above 20 and 50 Hour SMA.
- For bulls price has to stay above 200 Hour SMA for extending this rally.
- Price is nearing the Golden ratio. This one too has to be taken out decisively by bulls for continuing this up move. Any weakness seen near golden ratio may give a good short trade.
- Reliance Bulls staying above 5 day high ema will favor an up move MACD is also looking good for bulls.
- 38.2% Fib level is acting as resistance now. If it is crossed then price may move towards 50 Day SMA.
- Bigger up move may happen only if price breaks and stays above 20 and 50 Day SMA.
- Stochastic in Weekly time frame is moving down So this up move will face hurdles at important resistance levels.
