Stock Market Chart Analysis

April 6, 2018

Resistance zone discussed in one hour did hold for bears only for now.
Daily candle too is showing some weakness But the Twin bullish shadows at 200 SMA is likely to favour bulls in the short term.
TESLA Weekly and Daily charts

Daily chart shows strong reaction by crude bulls from the Bullish channel.
But the head and shoulders pattern in 4 hour too looks good. Although the pattern has already hit its target Price may slide further if it stays below 64.15. If CL bulls take price above 64.15 that will negate all effects of bearish pattern in this time frame.
Daily continues to look good for crude bulls.

ES Weekly chart shows Bulls trying to hold on to 50 Week SMA. Previous visits of price to this moving average resulted in Big reaction in favour of bulls. Right now bulls are trying to form a similar bullish candle But bulls need to do more to confirm a pause in correction.
Daily chart shows another candle with long shadow. If today's candle holds above 200 SMA bulls may be able to do a bounce.
On the contrary a close back below 200 SMA may strengthen bears again.

4 Hour charts are not looking good for bulls.
Weekly time frame is at a possible reversal zone. Price near 50 Week SMA. As long as last week's low are not tested bulls will keep the hope of a reversal alive.
On the contrary more selling if 9951 gets taken out.

Weakness of the stock has led price to crucial support levels.
Bulls trying to hold on to 200 SMA in Weekly time frame. This line must be held for a possible reversal to happen.
Bigger weakness if the current levels around 244 is not held.

Price has violated 200 SMA again.
But there is still hope for a reversal from recent swing lows n 4 hour time frame. This can turn into a Double bottom kind of pattern in 4 hour chart. Having said that Price staying below 200 SMA is immense risk for bulls.