S&P 500 Futures chart analysis

• ES Daily moving towards 2000 levels which is a crucial support resistance zone as shown in first chart.
• price has fallen below 50 Day SMA. More weakness only if price sustains below 2000 levels.

Falling wedge of crude oil

• Crude oil weekly time frame shows a possible falling wedge pattern. I say possible because the falling support line does not look strong to me. If the falling support line shown in weekly time frame holds the pattern will stay intact. Its a bullish reversal pattern.
• Month Time frame is yet to show any reversal or bottom formation. Price action suggests price could go down as low as 32 levels before a bounce can happen.

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Crude oil support levels

• Crude oil is testing its recent swing low. If this level is not held price may target the falling support line shown in weekly time frame. The multi year lows shown in month time frame is also a possibility if price does not hold above the recent swing lows.

GOLD chart analysis

 

 

• Gold 4 hour chart shows gold bulls trying to stay above the cloud. Gold bulls need price to sustain above the cloud to save this bounce.
• Gold bulls need price to stay above the violated support zone to avoid bigger falls.

Nifty bear flag and support levels

 

• Nifty daily shows crucial support around 7700 levels. Daily is falling from a bearish flag pattern if the above mentioned level does not act as support this pattern may target 7500 levels.
• Month chart shows a topping pattern. Things will remain bearish till price stay below the falling resistance line. 7539 is crucial number in Month chart.

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SBI Trend update

 

• Lest start with the weekly bullish divergence which is the only positive thing seen in chart for bulls. But for this to work well price need to move and sustain above 200 SMA. Daily chart clearly shows a bearish channel, Price need to move out of the channel for bulls to gain some momentum.

Gold triangle breakdown

• Triangle discussed in previous post is working well for gold bears. For deeper falls price need to sustain below the broken support zone.