- ES Falls below the 100 period SMA of four hour time frame which has held so far on closing basis. Now a close below this level may give an extended fall.
- For now the 23.6% Fib level is trying to prevent a bigger fall from happening. Sustaining below this level could give a fall towards 38.2% Fib level.
- Facebook four hour time frame nearing resistance areas.
- Price near falling resistance line from 32 levels.
- Fib levels shows price near 50% Fib level and 50 period SMA.
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- ES Falling from the resistance line discussed in yesterday's post. Resistance line in 4 Hour chart has worked well so far.
- Now 4 Hour chart also shows support in a dotted up trend line. Below this line price may test 100 period SMA.
- IWM CHART ANALYSIS
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- IWM Violating crucial rising support line.
- Price has violated 20 Day SMA and has next support at 50 Day SMA.
- Fib levels shows price closing at 38.2% Fib level. Breaking this level may lead to 50 SMA and 50% Fib level
- SILVER Daily chart shows price continues to create new lows.
- Weekly chart shows approaching support zone between 26.02 - 26.75.
- Monthly chart shows the same support zone shown in weekly chart and the Golden ratio for 8 - 49 levels which is also a support level which may get tested if there is a big fall.
- ES SUPPORT AND RESISTANCE LEVELS
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- ES Four hour chart shows price near resistance line.
- 2nd chart shows crucial support level of 100 period SMA which keeps rising to support the corrections.
- Last chart shows one hour time frame with immediate support levels.
- 760 looks like a crucial support level for reliance industries
- Price is near weekly lower bollinger band.
- Weekly stochastic has reached oversold zone.
- Price if forms a bottom formation here without breaking below 760 could give a long trade. Keep strict stop loss as the trend is strong in favor of bears.
