ES Analysis before opening bell

• 2175 levels was breached once but bulls managed to bring price back into the range. Upper breakout too failed and price now moving sideways in a range again.

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Crude oil trend update

• Trend in one hour continues to favour crude bulls.
• Weakness can only be confirmed if and when price starts to trade below hourly cloud.

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Diamond pattern of NIFTY

• Diamond patterns suggest that price is contracting, volatility is reducing and a bigger directional move is possible in the short term. Its not possible to judge the direction out of the pattern. Bullowski talks about both Diamond tops and bottoms in his website. He also talks about Diamonds being trend continuation pattern. If you see this pattern price has entered the pattern from below and if price exits through the top this will act as a trend continuation pattern. 
• Price is trying to hold above 200 Hour SMA another close below this moving average may result in bigger correction.
• TRIANGLE OF Reliance Industries

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ES Chart analysis

• Price managed to get back above the crucial moving average line 200 Hour SMA. 
• One hour chart shows price pausing at Hourly cloud for now. Although price is stopping here the Quickness of the reversal is a concern for ES Bears. Look at the candle in 4 Hour time frame its almost a big engulfing pattern.
• 2183 - 84 are possible resistance levels. Above this new high's. 

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S&P 500 Futures Analysis before opening bell

• ES one hour chart shows crucial support levels at 2173 and 2168 Levels.
• Price has broken below the rising support line of 4 hour chart.
• One hour chart shows price below 200 Hour SMA. Bears need price to sustain below 200 Hour SMA for bigger correction to follow.
• CRUDE OIL SUPPORT AND RESISTANCE LEVELS

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CRUDE Oil support and Resistance levels

• 4 Hour chart shows price pausing at previous resistance zone around 46.80 Levels.
• 50 Hour SMA and Hourly cloud are crucial for the up trend in this time frame.
• Price need to break and stay above 46.80 levels for extending this up move.

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Reliance Industries Triangle Pattern

• Price at the top of the triangle. For now price is falling from the resistance line. Weakness cna be confirmed only if price starts to close below 20 Day SMA. For a bigger correction price need to stay below 50 Day SMA.
• Hourly chart shows crucial levels below which bears can gain strength.
• RELIANCE IS ALWAYS A SPECIAL STOCK FOR ME. I STARTED MY BLOG WITH A RELIANCE POST. READ COMMENTS BY ILANGO SIR AND OTHER OLD TIMERS OF JUST NIFTY. I HOPE THEY ARE ALL FINE AND DOING WELL IN LIFE. FIRST POST OF MY BLOG