CRUDE Oil chart update

• Crude oil weakness shown with 4 hour cloud. Daily had MACD Negative divergence. More weakness if price closes below 43 levels.

ES Before opening bell

 

• ES Weakness will remain till price stay below 4 hour cloud.
• Bulls will try to hold above 50 Day SMA. Bears need a daily close below this line to extend weakness. 

S&P 500 Futures analysis before opening bell

• 4 Hour support line discussed earlier is violated. Bears need a close below the pattern. Daily time frame shows price near 50 Day SMA. Daily close below 50 SMA will strengthen bears further.

ES 4 Hour chart update

• 4 Hour chart shows price testing crucial support lines.  Sustaining below these lines may lead to bigger correction.

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ES Negative divergence update

 

• The negative divergence which was discussed in a previous post has given weakness. But for a trending move in favour of bears to happen price need to start closing below 50 day SMA.
• CRUDE OIL NEGATIVE DIVERGENCE

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Nifty chart Analysis

• Nifty got resisted near 8000. Now price moving towards the support zone near 7500 levels. Daily chart shows a bullish structure a possible Inverted head and shoulders. For this one to look good price should stay above 7500 levels. Weakness below 200 SMA But this will become a worry for bulls only if price starts to stay below 7500 levels. 4 Hour chart shows a possible bearish head and shoulders pattern.

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ES Support and Resistance levels

• ES daily shows price staying below the crucial resistance zone around 2100. Daily also shows 50 and 200 Day SMA as crucial support levels.
• 4 Hour chart shows rising support line. Weakness if price starts to stay below this line.

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