- For bulls of nifty price has to close above 20 SMA. Price sustaining below 20 SMA will favor bears.
- 20 SMA is at 4920.
- Week Low EMA is at 4837 which may act as support level, Breaking below 4837 may push nifty towards the weekly support levels again.
- So for bulls price should hold above Week low EMA and break above 20 Day SMA.
- Line chart shows price getting resisted at previous support Resistance level. This level should be crossed for a bigger up move to happen.
- CNX IT CHART ANALYSIS
- RELIANCE INDUSTRIES WEEKEND UPDATE
- Resistance for SPY in daily chart are the 200 SMA and the Top bollinger band.
- Price closing above 200 SMA and above the Top Bollinger band may give a sustained up move.
- For bears price need to break below 20 and 50 SMA. Indicators like stochastic has reached overbought levels, If price closes below crucial moving averages SPY may star to slide.
- Price is near 200 SMA.
- Attempts to cross 200 SMA has failed twice in the recent past. Price may make another attempt soon. A bearish candle on 200 SMA may give a perfect shorting opportunity. For bulls price should close above 200 SMA decisively for going long.
- Daily chart also shows a contracting triangle which may give good direction.
- Price has closed below day high ema. If it sustains here trend might turn in favor of bears.
- Reliance daily chart shows price near important support levels ( 747 - 751 ).
- Weekly chart too shows price testing 78.6% Fibonacci level. So breaking these level can push the stock down towards 710 - 720 levels.
- Weekly stochastic is yet to bottom out which was discussed in the last post of reliance, We saw the attempted up move of last week getting resisted near 50 Day SMA. So this selling at higher levels will continue till stochastic makes a turn around.
- So for bulls to make an up move 747 - 751 level should act as support.
- Apple Hour chart shows support at 386.67 and Resistance at 396.29 levels.
- Price staying above 50 and 200 Hour SMA will favor bulls of apple.
- For bears price need to fall below 386.67
- Bulls can extend gains if hour starts to trade above the resistance line shown in the last chart.
- ES is testing the broken rage and is likely to get resisted there.
- Price has also fallen below 50 period sma of four hour time frame. For bulls price has to get back above this level for an up move to happen. Price staying below 50 Period SMA of this time frame will help bears to extend gains.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Price in daily chart is showing a contracting triangle pattern.
- Price is getting closer to the apex of the pattern.
- Being a triangle whipsaws are possible. So major moves will be possible only once the levels shown in the 2nd chart is taken out on closing basis.
- S&P 500 ANALYSIS AFTER CLOSING BELL
