Stock Market Chart Analysis

September 30, 2017

ES Daily chart shows the continuation breakout.
Weekly time frame shows the Negative divergence which stands invalid as of now.
4 Hour chart shows breakout above resistance level 2506. Bulls will remain strong above this level for the coming week. Bears need to fall back below this level for a possible correction to start.

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Nifty Week is resting at a crucial price zone. 9700 and 20 Week SMA has to be protected by Nifty bulls to avoid further correction.
Nifty bears must defend 50 Day SMA as shown in last chart. Staying below 50 Day SMA Bears will be able to extend correction further.
Bearish view will negate only if Bulls are able to get back above 50 SMA again.
NIFTY Month Week and Daily charts

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Crucial support level in daily at 2475 as shown in first chart. Bulls will remain strong above this zone.
Immediate Weakness only on price violating the 20 Day SMA and the Price levels shown in Last chart.

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ES Weekly chart shows negative divergence. Price is at the top of the range so a small correction is possible. For a bigger reversal in weekly time frame the levels mentioned in chart 2 and 3 must be broken on closing basis.
Immediate weakness on staying below 2475 levels.

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Month Chart is pausing near a possible resistance line.
Weekly chart is showing slight bearishness with an engulfing pattern, This pattern needs follow up price action to confirm bearishness.
The levels for bears to conquer are 50 Day SMA in daily time frame, In Week its around 9780 for next week. Week closing below this level will tilt the balance in favour of bears. In month its 9600. But for now bulls need to defend 50 Day SMA. If price stays above this moving average then the bearish view will be negated for now.

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Facebook in a range of 165 to 174 with centre point at 169 levels.
Bulls need to stay above 50 Day SMA and 169 level for extending the up trend.
Weakness on closing below 169 and 50 SMA which may give 165 levels on the downside.

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