- ES weekly chart shows price near resistance line
- Daily chart with MACD is developing negative divergence. Correction may start once price hits the resistance line shown in weekly chart.
- Weekly resistance line for next week is around 2319 levels approximately.
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- Crude oil daily and 4 hour chart shows price moving into a resistance zone.
- Crude bulls need a daily close above the resistance zone for bigger up moves to follow.
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- ES Daily chart shows a possible rising wedge.
- Price testing the resistance line now. If the resistance line stops the up move here then pattern will stay intact.
- Weakness only if price falls back below 2299 levels.
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- Nifty one hour cloud continues to give support. Price moved above the cloud at 8050 and yet to close below it for this time frame.
- Staying above 8727 another breakout above 8821 level is possible. Bigger weakness only if price starts to trade below hourly cloud.
- Bullish move out of the range.
- Price moving towards the resistance line of the Rising wedge pattern discussed in the earlier post.
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- ES 4 hour chart shows price getting resisted at range top.
- Bulls need to stay above 2294 levels for bigger up moves to follow.
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- Although the overall movement in daily time frame is Bullish there is a possible Rising wedge formation. One or 2 touches on the support and resistance lines will increase the effectiveness of the pattern.
- 4 hour chart shows the range continues to hold. Need a close outside this range for bigger movements to follow.
- 20 Day SMA Continues to prevent bearish moves on closing basis. So bears need a close below this line for bigger corrections to follow.
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