- Weekly chart of Adani power shows a bearish PIN Bar which is working well so far. Price is retesting the weekly cloud now. If price is able to hold above the cloud then the effect of PIN Bar will be limited. PIN Bars at higher time frames are effective reversal signals.
- For the Daily chart price is at the crucial 20 Day SMA and near 38.2% Fib level. If price stays above these two levels on closing basis then up move can be resumed. Closing below these levels may extend the correction towards 50% Fib level.
- Facebook 4 hour charts with multiple resistance levels.
- Strength only on closing above 100 period SMA.
- Crude oil 4 hour chart needs to stay above 100 period SMA for a bigger up move to happen.
- One hour chart shows possible resistance levels.
- Crucial support for one hour chart at 50 Hour SMA and the Hourly cloud.
- Previous resistance zone shown in 4 hour time frame too is acting as support so far.
- For bears need an hourly cloud break on closing basis for a possible correction to follow.
- Daily chart of CNX IT is consolidating after a down move, This is most likely a bearish continuation formation. Crucial level to watch is the 9050 level shown in first chart. If 9050 goes on weekly closing basis it will further weaken the long term trend.
- For bulls of CNX IT price must get back above 50 and 100 SMA to avoid a test of 200 Day SMA.
- Gold hour trend continues to be down.
- 4 Hour and Daily chart is testing crucial support zone. Breaking below this level may lead to a bigger fall in gold.
- Gold bulls must get back above 100 Day SMA soon to avoid a bigger correction.
- ES has broken above the resistance zone discussed yesterday. For now price is likely to retest the previous resistance zone if 50 Hour SMA is not held.
- First two charts shows immediate support levels If not held price may slip towards previous resistance zone.
