BreakOut of Rising Wedge which is usually a bearish pattern. These kind of breakouts often won't sustain & fizzle out after some time. So its better to be cautious in BankNifty longs.
Resistance Zones - 44160 / 44300 / 44500
Immediate Support Zone - 43970_43980
Trend Reversal Zone - 43850 HCB
Just posting another update here on the SPY- Bearish megaphone is playing out as expected but also a very big week for the markets fundamentally speaking.
Fundamental Rationale
A lot of big economic events this week including retail sales, the Fed's final decision regarding monetary policy, FOMC press conferences on both Tuesday and Wednesday, and to top it all...
The SPY closed on Friday finally breaking below the channel that it's been holding for quite some time now, and closed sitting on the 50-day SMA. Every time we've previously touched the top channel line, the SPY has fallen to the bottom channel line and bounced right off (see charts below). However, there is a very clear shift in seller volume starting to outweigh...
TSLA closed on Friday sitting right on its 200-day SMA. It previously broke below the bear flag to test a long-term uptrend line, while simultaneously forming what appears to be another bear flag / rising wedge (bearish) going into earnings on 7/26'. If this long-term uptrend line is broken, TSLA could see sub $600 especially if the broader markets continue...
TSLA is forming quite a large rising wedge (Bearish) on its yearly chart after breaking out of the symmetrical triangle (see previous chart), which was preceded by TSLA breaking below the bear flag above. While TSLA did close on Friday sitting right on its 50-day EMA there is also a Bearish Gartley harmonic on the 4-hour timeframe (not pictured). Definitely will...
ARKK in a critical spot here- big symmetrical triangle on its yearly chart after breaking below a rising wedge. Watching this one closely in the coming weeks, just some support and resistance levels along with some RSI-based supply and demand zones to keep an eye on.
By continuing below the top of 134.00 and breaking the lower boundary of the rising wedge pattern below 130.00, we expect a drop to the 50 and 61 Fibonacci retracement levels (124.00 - 122.50), which represents a retest of the monthly bearish trendline since 2008, which was breached above last January.
