Stock Market Chart Analysis

September 18, 2017

Price trying to hold above the Weekly support line. Staying above 900 should give 940 - 50 levels. Below 900 Bears may get 880 and lower levels.
Next big move in this stock will be based on the Monthly trend line shown in last chart. If this line holds price should resume the bullish trend of the long term time frame.
NIFTY CHART ANALYSIS

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Nifty 4 Hour chart shows price near resistance zone.
Weekly chart shows bulls recovering from the big bearish candle. It took 5 candles to recover from the One Bearish Week. This mostly shows weakness. But one should consider the prevailing trend before coming to a conclusion.
Weekly MACD lines are negative for now. But as shown on the left hand side, Price can continue to move up while MACD lines give negative divergence. The Weekly structure will only turn negative if price moves below 9600 levels.
Immediate weakness if price falls below 10040 levels.
CRUDE Oil Weekend update

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Apple Month chart shows price trading near Multi Year resistance line. First touch on the line is marked in 2007. During the past 10 Years price has touched this line three times. Now price is trading near this line again.
Weekly chart shown with immediate support zone near 155 levels. Weakness in this time frame only if price closes below this level.
Daily chart has immediate support at 50 Day SMA. Closing below this line may give momentum for Apple Bears.
CRUDE Oil Weekend update

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US Dollar continues to stay below the Broken weekly support zone as shown in first chart.
Daily chart shows price falling down in a channel.
The Down trend will remain strong as long as price stay below the Daily Ichimoku cloud.
If 93 levels continue to act as resistance then more correction is possible.
CRUDE Oil Weekend update

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Crude oil Daily has a Bullish Head and shoulders pattern.
Price for now is pausing near the resistance zone of 50.50. More strength for Crude oil bulls If price is above to stay above 50.50. Possible targets for this move are 51.88 and 53.45 Levels.
Weakness if price falls below 48.60 Levels. Last chart shows Bearish swings on price falling below 48.60 Zone.

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Crude oil is at a confluence of support and resistance. If the support line shown in 2nd chart is held a bigger breakout is possible.
Resistance line has worked well so far But after the Initial drop price is likely to test the resistance line again. One has to wait and watch if it holds or price moves past the line towards 52 levels. Weakness below 48 levels.

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