- SBI Four hour time frame with the descending channel.
- Price is near the channel resistance.
- So this move will face resistance at around 5370 levels.
- For bigger up move to happen price should break the channel on the upside.
- SBI INTRADAY LIVE CHART
- NIFTY ANALYSIS
- First chart shows negative candlesticks that formed at 5600 levels. If we see one such daily candle today we may see an extended correction.
- But the structure for bulls will be positive till the support line that is shown in 2nd chart is not breached. It will be even better for bulls if 20 day moving average is protected.
- Breaking of the support line will lead to a breakdown towards 5100 levels.
- as long as 20 DMA is not taken out on closing basis 5700 levels is also possible
- Important support in daily time frame is 1302.
- Breaking this may take ES to the trend line in daily time frame.
- These two levels are expected to hold But the worrying thing for bulls is the momentum of price, This daily candle started falling from 1347 is yet to stop.
- ES is nearing the Golden ratio for the current rise from 1302 level.
- Price has broken below 200 Hour moving average.
- Price sustaining below 200 Hour moving average will favor bears.
- If an intraday bounce is to happen it might happen from 61.8% retrace level
- ES Daily line chart shows price near 1341 - 1342 level which is an important Support and Resistance level. If bulls manage to move above and close higher from this level they can extend gains up to 1375 level.
- If bears manage to pull down and close below this level price may start to correct again.
- Price in hour chart is moving up in a channel. For bears they should try to break the channel, Price staying in the channel will favor bulls and small corrections within the channel can be used for achieving newer high's.
- Nifty has managed to get into the Bear flag pattern.
- Now that the resistance line is crossed price may target the upper trend line.
- Nifty Closes above 20 DMA and if sustains above this level will soon reach the 50 day moving average.
- MACD and Stochastic are still favoring bulls. Indicators are yet to become weak.
- The hammer seems to be working well for bulls so far. Price closing towards the high of the week will increase the validity of the Weekly bullish hammer
