Stock Market Chart Analysis

February 9, 2017

Bullish move out of the range.
Price moving towards the resistance line of the Rising wedge pattern discussed in the earlier post.

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Although the overall movement in daily time frame is Bullish there is a possible Rising wedge formation. One or 2 touches on the support and resistance lines will increase the effectiveness of the pattern.
4 hour chart shows the range continues to hold. Need a close outside this range for bigger movements to follow.
20 Day SMA Continues to prevent bearish moves on closing basis. So bears need a close below this line for bigger corrections to follow.

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Gold Hour chart shows strong support from the cloud.
Price movement likely to be negative for bulls in hourly chart because of the resistance line.
Bigger correction will not be possible as long as price stays above hourly cloud.

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Crude oil 4 hour chart shows price violating the support line. Crude price is trying to move above this line.
30 Minutes chart shows price testing the cloud. Staying below the cloud will favour crude bears. Crude bulls need price to move back above the cloud.

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One hour chart shows the 10 Point range.
Last chart shows 38.2% and 50 Period SMA as crucial support levels in 4 Hour time frame.
Second chart shows a possible contraction pattern in which price is likely to stay especially if price falls below 2280 levels. Bullish above 2294.

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Nifty 30 Minutes chart shows the bounce from the trend line.
50 Hour SMA too is acting as support for now.
High of 8813 is crucial. Once this level gets crossed again Nifty will move towards 8900 plus levels.
Bigger worry for bulls only if levels like 8715 and 8672 gets broken.

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