- First chart shows price getting resisted near 5180 which has been acting as a price pivot zone for many months now.
- Second chart shows previous support acting as resistance. Day and Week has to close above this zone to confirm a breakout.
- Weekly chart also shows price unable to cross 50% Fibonacci level.
- Support levels for the day are 5 Day Low EMA and 20 Day SMA.
- SPX Weekly chart continues to look bearish as it extends the fall from 20 week SMA towards 50 Week SMA.
- Daily chart closed below 20 Day SMA. If the support levels shown in four hour charts does not hold it should hit 200 Day SMA tomorrow.
- One hour chart shows price below 20 and 200 Hour SMA which will favor bears.
- Apple one hour chart shows 200 Hour SMA near 566.
- Hour chart also shows support near 566 level.
- Price also closing in on 100 Day SMA. For bears need a daily close below this level. Bulls need a reversal candle at this level.
- Price sustaining below the four hour cloud and 50 Period SMA should favor bears to extend the correction towards 50% and 61.8% Fibonacci levels shown in last chart.
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SPY WEEKEND UPDATE
UPDATE - II
- Channel resistance line discussed below has worked in favor of bears. If the channel support line or 100 Hour sma holds we may see an up move.
- Breaking below both these levels could extend the fall.
UPDATE - I
- Nifty hour chart shows price moving in a sideways channel. Channel has to be resolved on closing basis for bigger moves to happen
- 2nd chart shows price with 100 Hour SMA. Which is crucial for bulls. holding this level Nifty may try to breakout above this crucial resistance zone.
- Breaking below 100 Hour SMA shall result in a breakdown.
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NIFTY WEEKEND UPDATE
- Both the daily charts are looking negative with price closing below 50 Day SMA and 20 Day SMA.
- But weekly charts are still giving hope for bulls of reliance. Price need to trade above 715 levels for the weekly chart to stay in favor of bulls.
- Week closing below 695 which is the 5 Week Low EMA will negative this bullish possibility
- NIFTY WEEKEND UPDATE
- Silver near crucial up trend line and Horizontal support levels.
- If these levels are to be held we may see an up move in silver.
- Daily chart will turnaround only on trading above 50 Day SMA which is a crucial resistance level.
