CHART-II
- ES Has given a breakout of the channel as discussed below.
- Now price sustaining above 1334 and 50 Hour moving average will extend gains for Bulls.
CHART-I
- ES four hour chart with resistance line. Last 3 times when price hit this trend line the Price action confirmed easy shorting opportunities.
- But now price is trying to violate the resistance line so a breakout may be on the cards.
- Price in hour chart is staying above 50 Hour moving average. So A fall below 50 Hour moving average may give a deeper fall. As long as price stays above 50 Hour moving average a breakout is possible.
- SPY WEEKEND UPDATE
- NIFTY has given a breakout from the triangle pattern
- Bulls can add momentum only if they sustain above yesterdays high 5509.
CHART-I
- 15 Minutes chart with a triangle pattern.
- Trend in shorter time frame is favoring bulls So an upper breakout will help bulls extend gains
- But being a triangle this may give a breakdown too.
- First chart shows price closing above 50 Day Moving Average.
- But Bears will be happy that the price closed inside the descending channel pattern.
- 2nd chart shows price consolidation in a triangle like pattern and this will soon give good direction.
- 3rd chart shows Weekly chart with 20 week moving average. Price is refusing to close below 20 week moving average which will keep bulls happy.
- BIDU GO LONG ABOVE 20 DMA
- Hindalco had a good close to the weekend.
- Price broke and close above the trend line in daily chart. MACD is looking positive and may give a buy signal.
- Price will move up if sustains above 20 day moving average.
- Cloud resistance is near 207 and then the weekly down trend line will also act as resistance.
- Above bullish view valid only if price sustains above 20 day moving average.
- NIFTY WEEKEND UPDATE
- First chart shows price taking support on a trend line in daily chart and getting out of the descending channel pattern. MACD is about to give a buy signal, If you see the recent long and short signals of MACD in daily time frame has worked quite well.
- So it will be safe to go long above 20 day moving average.
- Last chart is the weekly time frame which also favors bulls.
- Week will turn negative only on a weekly close below 129.58
- QQQ Short term is looking bullish.
- Price having taken support at the support line of the consolidation pattern can move up to 59.30 level next week provided it does not fall below 56.57.
- Stochastic indicator in daily chart is coming up from oversold level which might help bulls to continue the momentum of last three days.
- So one can try a long trade with 56.57 as stop loss.
- Price has closed near 50 DMA and in weekly chart at 20 Week moving average. So look for a daily close above 50 DMA for going long. If price gets resisted at 50 DMA we may see a fall.
- Nifty has formed a Bullish candle. The long shadow shows buying at lower level. This may continue into the beginning of next week.
- Price has closed above the weekly trend line shown in earlier posts.
- MACD Bars and price in daily chart has been diverging for quite some time now and has resulted in a bullish breakout. Crossing 5490 - 5500 and closing above it will take nifty to 5600 and above.
- But Positional bears will be safe as long as price remains below 20 week and 50 week moving average. Bearish cross too seems to be working in their favor. This bearishness may get changed if nifty trades above 5700 levels.
