Crude Monthly & Weekly Chart Review

Is crude trading near important supports.

Is it showing signs of bottom formation?

We are having weekly and monthly chart to review such probabilities.

On weekly chart, crude is trading in a range of approx 10$.

Upper range falls at 55$ level, while lower range is at 44$ level.

Intial range started when crude charts had a doji which then followed by a rally till 55$ level.

Charts now had a morning star pattern formation at lows established by doji.

However price flat formation is in divergence with RSI oscillator, as RSI oscillator is showing positive divergence.

However one should wait to see which way the range would break.

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On monthly chart , crude had reached near important lows established in 2009, via long legged hammer's.

Crude is also trading in between 76.4 - 88.6% retracment of previous rally.

A long term trend line also fall near $40-42 levels.

IMPORTANT LEVELS TO WATCH:

 55:  RESISTANCE

 42, 40, 32: SUPPORT

Weekly Chart.

Monthly Chart.

SBIN: Potential Bearish Gartley spotted on Daily Charts

I have spotted the Potential Bearish  Gartley pattern ( marked by XABCD points) on the daily chart of SBIN.

At point C , RSI positive divergence is seen ( marked by red up-sloping trendline.)

Two doji's followed by bullish belt hold further confirmed the support area.

This Point C is established near 200 sma  and previous top support.

Considering all this , a technical bounce till 293, 312, 323 can be seen in the near term.

Stop should be placed under point C.

Bullish Cypher Pattern is seen on daily charts of CNX Nifty

I have spotted the Potential Bullish Cypher pattern ( marked by XABCD points) on the daily chart of CNX Nifty.

X is at 8470.50

A is at 8913.45

B is at 8669.45

C is at 9119.20 and

D is at 8612

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The AB move retraced in between 50% to 61.8% of XA move.

The BC move extended in between 1.272 to 1.414 of AB move.

The CD move retraced 78.6% of XA move.

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Since this is a Reversal & Bullish Pattern, we may see on the upside ,higher levels in the near term.

Further 8630- 8600 would serve as strong support zone.

Stop is to be placed at trough Point D.

This Pattern would get negated , in case index closed below point D.

Crude Monthly Chart Review

1. On Monthly Chart crude is trading near 88.6% retracement of its previous rally from 32.40 to 114.83.
2. Long term trendline connecting lows of 2003 and 2008 also falls near 88.6% retarcement of 32.40 to 114.83.
3. Year 2008 Pin Bar test zone also falls near above support levels.
4. Levels 42, 40, 39, 38, 32 would serve as crucial supports & collectively as a support zone.
5. RSI is also oscillating in oversold area.

CNX NIFTY: Daily Review at Closing- Standing at multiple supports.

Nifty Currently Standing at Multiple supports, thus a technical bounce may be expected.
Support Zone : 8600-8630.