Stock Market Chart Analysis

May 19, 2016

ES daily has fallen below 50 Day sma. Next crucial support for bulls to protect is the 200 Day SMA. The bearish pattern shown in 4 hour chart will perform well if 200 SMA gets broken.

Crude oil daily time frame shows price approaching crucial resistance zone near 50 Levels. Presence of weekly cloud here may also give a chance for crude bears to come back.
One hour chart shows price in a trending move. Weakness if price starts to trade below hourly cloud.

Its been a long time since i posted analysis on individual stock. I was seeing the exit poll results of Tamil Nadu and the reaction of sun tv. Price near the month resistance line so thought of doing a post on this one.
SUN Tv had a big up move yesterday following the exit poll news which predicted a possible win for DMK. A Trader should take it as a reaction to rumour Once the real results are out bigger moves are possible. One look at the Month chart shows price near a crucial falling resistance line. If the News is good for SUN this resistance line is likely to be taken out for a move towards 500 Levels. If the News is bad then price may fall back to 300 Levels.
For today the resistance is at 436. If this levels is taken out then price will test the monthly resistance line.

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Weekly MACD Looks good for a correction. Some more breakdown needed in daily chart to confirm weakness.
Bears need price to sustain below 50 day SMA.
Crucial numbers are 2039 and 2033. Below these levels bears will remain strong.

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One hour shows a descending triangle pattern. Daily is testing 50 SMA again. Bears expecting a daily close below 50 SMA for bigger falls to follow.

Weekly chart shows a descending triangle kind of pattern which is bearish. Week or daily closing below 92 may trigger a bigger correction for the stock. Month chart shows possibility of price testing the rising support line if 92 is broken