- Tata Motors weekly chart shows a bullish looking 'W' Breakout. if this move sustains above 431 levels bigger moves are possible.
- Next crucial resistance is near 480 Levels. Price can jump well above 500 levels if it moves above 480 levels. Unable to cross 480 levels on closing basis may stall this breakout.
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- First chart shows an Ascending broadening wedge in 4 Hour time frame. There are many target versions for this pattern upon a breakout or breakdown But what i am interested in is how it is going to play within this pattern. As price has only made two meetings with the upper resistance line Bulls are likely to meet the upper resistance line first. This will also validate this big breakout.
- One can keep a trend strength indicator for catching maximum points on such breakouts. Usually for small breakouts i use the 15 Minutes cloud. But one can experiment with this when the breakout is big, Many uses even the One hour cloud which can capture big points if its a big big breakout. For this one i am following the 30 Minutes cloud.
- As far as the pattern goes I am expecting an upper touch first before it turns to make a big bearish move. That's what i expect this one to do, But stock patterns many times does not work exactly the way want it to work. So have trailing stop loss and enjoy partial profits till the move last.
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- Weekly chart shows price moving into resistance zone. But Daily is moving into it with a possible bullish pattern an IHNS.
- Even if bulls get a breakout from the daily pattern the BEARISH UPPER SHADOWS OF MONTH CHART is a concern. One good thing for bulls is the number of days left for the Month candle to close. If bulls get a breakout early next week then Month candle can make the Highest Closing price in month chart for S&P 500.
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- Apple daily trying to fade the result GAP. Price now is moving to crucial resistance levels. 50 Day SMA and Golden ratio may act as resistance if the up move continues. Even if these resistance levels are crossed the 200 Day SMA will be tough to cross for apple bulls. For a change in trend price need to sustain above 200 SMA, Last 2 attempts to stay above 200 SMA has failed.
- ES ASCENDING TRIANGLE BREAKOUT
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- Nifty Month continues to look good for bulls.
- Daily is doing a golden cross. Performance of this one depends on how much time price is going to trend above 50 SMA. Weakness comes back if price closes below 50 SMA again.
- Next crucial resistance level is near 8300 levels as shown in last chart.
- S&P 500 ASCENDING TRIANGLE
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- Crude hour is taking support at 200 Hour SMA. More strength in hour chart if price sustains above 50 Hour SMA. Bigger correction only if price breaks below 200 Hour SMA.
- ES ASCENDING TRIANGLE BREAKOUT
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- Hourly ascending triangle is looking good for bulls. But price need to cross the resistance levels of 4 hour time frame.
- Price need to sustain above 2094 for a move towards 2105
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