- Price is near 200 SMA.
- Attempts to cross 200 SMA has failed twice in the recent past. Price may make another attempt soon. A bearish candle on 200 SMA may give a perfect shorting opportunity. For bulls price should close above 200 SMA decisively for going long.
- Daily chart also shows a contracting triangle which may give good direction.
- Price has closed below day high ema. If it sustains here trend might turn in favor of bears.
- Reliance daily chart shows price near important support levels ( 747 - 751 ).
- Weekly chart too shows price testing 78.6% Fibonacci level. So breaking these level can push the stock down towards 710 - 720 levels.
- Weekly stochastic is yet to bottom out which was discussed in the last post of reliance, We saw the attempted up move of last week getting resisted near 50 Day SMA. So this selling at higher levels will continue till stochastic makes a turn around.
- So for bulls to make an up move 747 - 751 level should act as support.
- Apple Hour chart shows support at 386.67 and Resistance at 396.29 levels.
- Price staying above 50 and 200 Hour SMA will favor bulls of apple.
- For bears price need to fall below 386.67
- Bulls can extend gains if hour starts to trade above the resistance line shown in the last chart.
- ES is testing the broken rage and is likely to get resisted there.
- Price has also fallen below 50 period sma of four hour time frame. For bulls price has to get back above this level for an up move to happen. Price staying below 50 Period SMA of this time frame will help bears to extend gains.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Price in daily chart is showing a contracting triangle pattern.
- Price is getting closer to the apex of the pattern.
- Being a triangle whipsaws are possible. So major moves will be possible only once the levels shown in the 2nd chart is taken out on closing basis.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Price has closed below 50 SMA. Next level for bears is the 20 SMA. Price closing below 20 SMA would swing momentum in favor of bears.
- Below 4900 - 4916 the GAP in daily chart may get faded.
- One shall also look for a close below day low EMA which will strengthen bears further.
- 20 SMA @ 4937
- 5 Day Low EMA @ 4935
- 50 Day SMA @ 5017
- S&P 500 EOD ANALYSIS
- Failed attempts to stay above 200 SMA has lead to a fall.
- Price is near weekly support levels, breaking below them would lead to a larger correction.
- Hour chart shows price testing 200 Hour moving average. Closing below it will extend correction. If price sustains above this level bullish structure will be intact.
