NIFTY Morning update

• Nifty 4 hour chart shows price nearing the up trend line.
• One hour is still in a sideways range.
• Closing outside the range may lead to a bigger trade in Nifty. As long as the UP trend line holds bulls are in control. Weakness below 8700 - 8715

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ES Chart analysis before opening bell

• ES 30 Minutes chart shows price falling to the cloud one more time. Will the cloud hold again. Price has been giving good buy on dips on this time frame till now.
• One warning for bulls is the Sideways moving MACD shown in One hour chart the last Image shows the Negative divergence. But Price continue to negate the divergence and move up, So its difficult to know when the divergence trade might start. As of now price yet to show weakness.
• As long as the bullish channel holds corrections are likely to be small.

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NIFTY One Hour chart analysis

• Nifty hour in a range 
• 38.2% fib level acting as support
• One negative for bull is that price has fallen below hourly cloud after a long gap. So bulls need to move back above the cloud to regain momentum. Staying below the cloud may work in favour of bears.

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ES Chart analysis

• ES 30 Minutes chart shows price trending above the cloud. Weakness only if ES bears are able to close below the cloud.
• one hour chart shows a Bullish channel. Corrections likely to be shallow till the channel is in place.

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Gold support and resistance levels

• Gold bulls trying to hold on to crucial support zone. Price staying below 50 period SMA is negative for bulls But Gold bears need to do more and stay below 1220 levels for bigger falls to follow.
• Staying above 1220 Gold bulls can make a comeback to extend the up move.

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NIFTY Trend update

• nifty 30 minute chart shows price in a range between 8715 and 8822
• As the Hourly chart shows price continues to trend above the cloud. Weakness only if price falls below the cloud.
• Last chart shows a possible upper breakout. Weakness only if price start to close below 8715 levels.

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GOLD Weekend update

• Gold 4 hour chart shows previous resistance line acting as support. 
• This line is around 1224 levels for the coming week.
• Rising 50 Period SMA can also act as support in this time frame. 4 Hour candle closing below this moving average can lead to bigger fall. Similar set up is shown on the left and side. For now though staying above 50 Period SMA price is likely to move towards 1245 levels first.

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