S&P 500 Futures 4 Hour chart analysis

 

• ES 4 Hour with MACD Shows negative divergence. Price yet to confirm weakness for this Divergence.
• Bears need price to close below 50 period SMA.
• For now price is moving in a range.

TATA Steel update

• TATA Steel trying to stay above 20 day sma.
• Crucial resistance at 50 day sma.
• Weak on closing below 460 and 20 SMA Which may test the support resistance zone shown in the weekly chart.

CRUDE Oil testing support levels

• CRUDE Oil continues to look weak
• 4 Hour support or the recent low is broken.
• Weekly support zone is getting tested as shown in second chart.

ES Chart analysis

• ES One hour continues to get support at 100 Hour SMA.
• Bigger trend continues to be safe as seen in four hour time frame.
• Daily chart shows price staying above the shaded levels. These levels acted as resistance before and now are crucial support levels. Bigger weakness for ES only if these levels are broken

TATA Steel chart analysis

• For Tata Steel Bulls the crucial level to stay above is 430 - 435 as shown in first chart. This level acted as previous resistance Now a support zone.
• Weekly chart shows a range between 23.6% and 38.2%.
• Daily resistance is at 50 Day SMA.

S&P 500 Futures update

 

 

• ES Daily shows weakness at the resistance line shown in first chart.
• Hour chart is testing the cloud. Bears need price to close and stay below the cloud.
• Last chart also shows price near crucial moving averages in one hour time frame.

NIFTY Chart analysis

• Nifty is trading in a small range.
• There is a possible negative divergence developing in daily chart which is yet to confirm.
• If the range breakout on the upside another highs and a test of the resistance line shown in second chart is possible before the correction can start.