Stock Market Chart Analysis

January 23, 2015

Gold Hour chart shows price with shaded support zone. Price falling below this zone may give bigger correction.
Weekly resistance levels are yet to taken out by bulls. Gold bulls need a weekly close above these levels.

SBI Testing recent swing high.
Daily macd shows bullish signal. Price closing above the swing high may extend this up move.
Weekly though is showing negative divergence which is negative in the Medium term.

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Momentum in one hour chart continues to favor Bulls of Gold.
Weekly chart is not helping bears with any major weakness. If the swing high in hourly chart is taken out a bigger breakout is possible.

Tata steel daily time frame continues to be in strong down trend. Bulls continue to suffer from the Death cross. This will be effective till prices stay above 50 Day SMA. Hope for Tata steel Bulls only if price is able to sustain above 50 Day SMA.
For now if the recent low of 372 is held a counter trend move towards the falling resistance line looks possible. One should look for weakness at higher levels. counter trend trades can be risky to take....

Gold weekly chart shows price testing the cloud. Gold bears need a bearish candle at the cloud.
4 Hour chart shows Higher Highs and lows. Price yet to give a lower low for the current up move.
Weakness on price closing below the hourly cloud.

ES Daily chart shows price holding above 200 Day SMA
4 Hour chart shows price contraction. closing outside these lines may give faster Directional moves for ES.
4 Hour chart shows price trying to move above the cloud. Last attempt to stay above the cloud failed.

Reliance industries if stays above the weekly support line shown in first chart can give bigger up moves.
Price is stuck in a descending channel as shown in second chart. Bulls need price to breakout of this channel.
Staying above 930 will favor reliance bulls. Weakness continues below this level.