FIIs
were net sellers of equity on all five trading days. Their total net selling was worth Rs 40.09 Billion. DIIs
were net buyers of equity on Wed. and Thu. (Apr 22 and 23), but net
sellers on the other three days. Their total net selling was worth Rs 6.49 Billion, as per provisional figures.
Many agricultural workers are unaware that they can return to their fields during peak harvest season, even though the government has eased tough coronavirus lockdown for farmers.
As per a research report, trust about India's ability to overcome the coronavirus health crisis is high among consumers but belief about India's ability to recover from the economic crisis is considerably lower.
BSE Sensex index chart pattern
The daily bar chart pattern of Sensex moved above the 32000 level intra-day on Mon. Apr 20, and closed above its 20 day EMA for the 2nd
week in a row. However, FIIs and DIIs were both net sellers of equity. The index ended the week with a loss of about 260
points (0.8%).
The index has been consolidating with an upward bias within a bearish 'rising wedge'
pattern for the past 5 weeks. An expected downward breakout from the
pattern can lead to a test of the Mar 24th low of 25639.
Daily
technical indicators are giving mixed signals. MACD is rising above its
signal line towards its neutral zone. RSI is hovering at its neutral zone. Slow stochastic has fallen from its overbought zone, and gradually moving down.
Stock market analysts were hoping for a proper stimulus package to revive a faltering economy. All they got were a few dribs and drabs. There does not appear to be any co-ordinated plan for controlling the virus spread, rehabilitating migrant labour and fixing a destroyed supply chain. All will not be well if the lockdown is lifted on May 4.
NSE Nifty index chart pattern
The weekly bar chart pattern of Nifty continued to consolidate within a bearish 'rising wedge' pattern, and closed below its 200 week EMA for the 7th straight week. The index slipped
about 112 points (1.2%) on a weekly closing basis.
The
20 week EMA has crossed below the 200 week EMA for the first time in 9
years. All three weekly EMAs are falling, which is a sign of a long-term
bear market. The 'death cross' of the 50 week EMA below the 200 week
EMA - which will technically confirm a long-term bear market - is still
awaited.
The
sharp counter-trend rally on Nifty chart from the Mar '20 low of 7511 is showing signs of petering out with FIIs and DIIs in selling mode during the week. An expected downward breakout from the 'rising wedge' pattern can drop the index to test its Mar '20 low.
Weekly technical indicators are giving mixed signals. MACD is below its signal line inside its oversold zone, but its downward momentum has stalled. RSI has emerged from its oversold zone, but is not showing any upward momentum. Slow stochastic has bounced up sharply towards its overbought zone. The pullback rally seems over.
Nifty's TTM P/E has moved down to 20.48, but remains above its long-term average. The breadth indicator NSE TRIN (not shown) has fallen inside its neutral zone, hinting at some near-term index consolidation or a correction.
Bottomline?
Sensex and Nifty charts are trading well below their respective 200 day
and 200 week EMAs within bearish 'rising wedge'
patterns. Extension of the corona virus lockdown till May 3 is likely to
push an already weak economy into a recession. Small investors can continue with their SIPs, but should stay away from bargain-hunting.
For the month of Dec '19, FIIs were net buyers of equity worth Rs 6.9 Billion. It was their third straight month of net buying. DIIs were net sellers of equity during Dec '19. Their total net selling was worth Rs 7.4 Billion, as per provisional figures.
The slowdown in the economy has helped narrow India's Current Account Deficit (CAD) to US $6.3 Billion during Q2 (Sep '19) against $19.0 Billion during Q2 (Sep '18) and $14.2 Billion during Q1 (Jun '19). The trade deficit contracted due to slowdown in imports and lower oil prices.
During Apr-Nov '19, India's fiscal deficit touched Rs 8.1 Trillion, which was 114.8% of the budget estimate of Rs 7.03 Trillion for FY 2019-20. Due to a shortfall in revenue collection, government has asked all departments to restrict expenses to 25% of the budget estimate during Jan-Mar '20.
The daily bar chart pattern of Nifty had touched a new high of 12294 on Dec 20, but has been consolidating sideways within a 175 points range since then. The index is trading above its three rising EMAs in a bull market.
Daily technical indicators are in bullish zones but not showing any upward momentum. MACD has crossed below its signal line. RSI is moving sideways above its 50% level. Slow stochastic has slipped down from its overbought zone.
Nifty's TTM P/E has moved down to 28.33, but remains well inside its overbought zone. The breadth indicator NSE TRIN (not shown) is rising inside its oversold zone, hinting at some more near-term index consolidation.
Q3 (Dec '19) company results will start getting announced from next week. The results are unlikely to show much improvement over Q2 (Sep '19) results. Small investors should look out for the few companies that may announce positive surprises.
Any breach of the 20 day EMA can drop Nifty to its rising 50 day EMA, where it should find some support.
FIIs were net buyers of equity during the first three trading days this week. Their total net buying was worth Rs 38.1 Billion. DIIs were net sellers of equity on all three trading days. Their total net selling was worth Rs 29.7 Billion, as per provisional figures.
India's WPI-based inflation rose 0.58% in Nov '19 against 0.16% in Oct '19 due to increase in prices of food items. WPI inflation was 4.47% in Nov '18.
There are a few green shoots of revival visible in the Indian economy. During Nov '19, passenger air traffic volume rose 11.2%, fuel demand rose 10%, bitumen consumption indicated increase in road construction.
The daily bar chart pattern of Nifty rose to touch new intra-day (12237.70) and closing (12221.65) highs today (Dec 18), on the back of strong buying by FIIs. In the process, the index pierced and closed above the upper Bollinger Band.
All three EMAs are rising, and the index is trading above them in a bull market. The rally continues to be led by a few large-cap stocks, like RIL, HDFC. Mid-cap and small-cap stocks are continuing to struggle.
Daily technical indicators are looking bullish and showing upward momentum. MACD has crossed above its falling signal line in bullish zone. RSI is rising above its 50% level. Slow stochastic has entered its overbought zone.
All three indicators are showing negative divergences by touching lower tops while the index rose to touch a new high. A corrective move may follow.
Nifty's TTM P/E has moved up to 28.48 - its highest level this month, and well inside its overbought zone. After a sharp fall from its oversold zone, the breadth indicator NSE TRIN (not shown) is rising in neutral zone, hinting at some near-term index downside.
Part resolution of US-China trade dispute has encouraged bulls in global stock markets. However, a possible impeachment process of the US President can trigger some profit booking.
S&P 500 index chart pattern
Overbought technical indicators had led to the following comment in last week's post on the daily bar chart pattern of S&P 500: "Some consolidation or correction is possible."
The index touched a new high of 3018 on Mon. Jul 15, but succumbed to profit booking and dropped to test support from its 20 day EMA. The index formed a 'reversal day' bar (lower low, higher close) on Thu. Jul 18, just as it had done on Tue. Jul 9, but failed to rally - losing 37 points (1.2%) on a weekly closing basis.
The index is trading above its three rising EMAs in a bull market. However, Friday's 'reversal day' bar (higher high, lower close) and strong volumes on last week's three down days show that bears are still alive and kicking.
Daily technical indicators are looking bearish. MACD crossed below its signal line and dropped from its overbought zone. RSI and Slow stochastic are falling towards their respective 50% levels. Another test of support from the 2954 level is a possibility.
On longer term weekly chart (not shown), the index closed well above its three rising weekly EMAs in a long-term bull market, but formed a 'reversal' bar (higher high, lower close). Weekly technical indicators are beginning to correct overbought conditions - hinting at some consolidation or correction.
FTSE 100 index chart pattern
The daily bar chart pattern of FTSE 100 consolidated sideways with a downward bias for the second straight week. Like in the previous week, the index closed above the support level of 7529 during the first three days, but slipped below 7500 and its 20 day EMA on Thu. Jun 18.
On Fri. Jul 19, the index recovered to move above its three EMAs into bull territory, and closed almost flat on a weekly closing basis at 7509. FTSE appears to be forming a bullish 'flag' pattern from which an upward breakout is likely.
Daily technical indicators have turned bearish. MACD is falling below its signal line in bullish zone. RSI is falling towards its 50% level. Stochastic has dropped to the edge of its oversold zone, and can trigger a technical bounce.
On longer term weekly chart (not shown), the index closed above its three weekly EMAs in long-term bull territory for the 7th straight week. Weekly technical indicators are in bullish zones but not showing any upward momentum. MACD is moving sideways above its signal line. RSI is also moving sideways above its 50% level. Stochastic is hovering at the edge of its overbought zone.
S&P 500 index chart pattern
An expected pullback towards the support level of 2954 on the daily bar chart pattern of S&P 500 touched an intra-day low of 2963 on Tue. Jun 9. Bulls decided to 'buy the dip'.
The index formed a 'reversal day' bar (lower low, higher close), which triggered a quick rally past the 3000 level to a new high of 3014 on Fri. Jul 12. The index gained 23 points (0.8%) on a weekly closing basis.
Daily technical indicators are looking overbought. MACD is rising above its signal line inside its overbought zone. RSI has entered its overbought zone. Slow stochastic is climbing inside its overbought zone, but showing negative divergence by failing to touch a new high with the index.
Some consolidation or correction is possible. All three EMAs are rising, and the index is trading well above them in a bull market.
On longer term weekly chart (not shown), the index closed well above its three rising weekly EMAs in a long-term bull market. Weekly technical indicators are looking bullish and overbought, and showing negative divergences by failing to touch new highs with the index.
FTSE 100 index chart pattern
The daily bar chart pattern of FTSE 100 consolidated sideways with a downward bias during the week. After closing above the support level of 7529 during the first three days, the index slipped below 7529 on Thu. Jun 11.
The 20 day EMA provided good support. The index managed to close above the 7500 level and its three EMAs in bull territory. FTSE lost 47 points (0.6%) on a weekly closing basis.
Daily technical indicators are in bullish zones but looking bearish. MACD has crossed below its signal line. RSI and Stochastic are falling towards their respective 50% levels. Some more consolidation or correction is likely.
On longer term weekly chart (not shown), the index closed above its three weekly EMAs in long-term bull territory for the sixth straight week. Weekly technical indicators are in bullish zones. MACD has crossed above its signal line. RSI is slowing slight downward momentum above its 50% level. Stochastic has slipped down from its overbought zone.
S&P 500 index chart pattern
The following remark appeared in last week's post on the daily bar chart pattern of SPX 500: "Expect bears to put up a fight to defend the 2954 level. But it might be a 'fight for a cause long ago forgotten'."
Bears did put up a good fight, as the index closed lower during the first three trading days of the week, touching a low of 2913 on Wed. Jun 26. However, bulls fought back. The index lost just 9 points on a weekly closing basis.
Daily technical indicators are in bullish zones, but only RSI is showing some upward momentum. MACD is above its rising signal line. RSI has moved up after a dip towards its 50% level. Slow stochastic has dropped sharply from its overbought zone.
All three EMAs are rising, and the index is trading above them in a bull market. It is just a matter of time before bulls overcome bear resistance at the 2954 level.
On longer term weekly chart (not shown), the index closed well above its three weekly EMAs in a long-term bull market. Weekly technical indicators are in bullish zones, but not showing much upward momentum.
FTSE 100 index chart pattern
The following remark appeared in last week's post on the daily bar chart pattern of FTSE 100: "A convincing close above the previous (Apr 23) top of 7529 is required for bulls to regain control of the chart, and technically confirm completion of a bullish 'cup and handle' pattern..."
Technical confirmation of the 'cup and handle' pattern is still awaited, as the index consolidated sideways within a trading range during the week.
Daily technical indicators are in bullish zones but only Stochastic is showing upward momentum. MACD has dropped to seek support from its signal line. RSI is moving sideways above its 50% level. Stochastic has recovered after falling towards its 50% level.
On longer term weekly chart (not shown), the index closed above its three weekly EMAs in long-term bull territory for the fourth straight week. Weekly technical indicators are looking bullish. MACD has crossed above its signal line in bullish zone. RSI and Stochastic are rising above their respective 50% levels. Some more upside is likely.
FIIs were net buyers of equity on all three trading days this week. Their total net buying was worth about Rs 14.7 Billion. DIIs were net sellers of equity on Wed., but were net buyers on Mon. and Tue. (Jun 24 and 25). Their total net buying was worth Rs 13.1 Billion, as per provisional figures.
In May '19, India's finished steel exports (319,000 Tonnes) fell 28% compared to May '18. It was at the lowest level since Apr '16. Exports to EU dropped 55%. Exports to Nepal, Sri Lanka, Malaysia were also substantially lower. The 25% import tariff has effectively closed the US market.
Currency notes in circulation stood at Rs 21.7 Trillion in end-May '19, showing an increase of more than 22% over the pre-demonetisation level of Rs 17.7 Trillion - according to a written reply in the Rajya Sabha by the Finance Minister.
The following remark appeared in last week's technical update on the daily bar chart pattern of Nifty: "Slow stochastic has fallen inside its oversold zone, and can trigger an index pullback towards the 20 day EMA."
The index oscillated between its 20 day and 50 day EMAs during the past 4 trading sessions before moving up to close well above its 20 day EMA today. Is this the beginning of a pre-budget rally? If it is, it will provide a good opportunity to book some profits.
Daily technical indicators are looking neutral to bearish. MACD is moving sideways below its falling signal line in bullish zone. RSI is moving sideways along its 50% level. Slow stochastic has emerged from its oversold zone, and showing upward momentum.
Nifty's TTM P/E has moved up to 29.09, inside overbought zone and much higher than its long-term average. The breadth indicator NSE TRIN (not shown) has fallen from its oversold zone. Some near-term upside is possible.
Another eminent economist - Deputy RBI Governor Dr Acharya - has recently put in his papers. He has followed in the footsteps of Dr Rajan, Dr Panagriya, Dr Patel and Dr Subramanian.
Some of the best Indian minds - who hold teaching posts in top US universities - have been unable to compromise with the dictats of the present dispensation. It doesn't augur well for the future of India's economy.
A deficient monsoon is exacerbating agrarian distress. India's consumption story, which had boosted economic growth during the past couple of years, is shuddering to a halt. For the next two years, wealth protection should take priority over wealth building.
WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil has lost its valiant struggle to move above the 'support-resistance zone' between 62-64. Bears took control of the chart - thanks to the escalating US-China trade war that may lead to a global economic slowdown.
After brief support at the zone between 56-58, oil's price has plunged to seek support from the zone between 50-52.
The 20 day EMA has crossed below the 200 day EMA. The imminent 'death cross' of the 50 day EMA below the 200 day EMA will technically confirm a bear market.
Daily technical indicators are looking bearish and oversold. MACD is falling below its signal line in bearish zone. RSI and Slow stochastic are falling inside their respective oversold zones.
A technical bounce in oil's price is a possibility. Bears are likely to use the opportunity to sell again.
On longer term weekly chart (not shown), oil's price has fallen sharply below its three weekly EMAs into long-term bear territory. Weekly technical indicators are in bearish zones, and showing downward momentum. Expect bears to 'sell on rise'.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil has dropped back into bear territory after a brave struggle to remain above the 'support-resistance zone' between 70-72.
Oil's price briefly received support at the zone between 66-68, but then fell headlong towards the next support zone between 58-60.
The 20 day EMA is about to cross below the 200 day EMA. The likely 'death cross' of the 50 day EMA below the 200 day EMA will technically confirm a bear market.
Daily technical indicators are looking bearish and oversold. MACD is falling below its signal line in bearish zone. RSI and Slow stochastic are falling inside their respective oversold zones, and may trigger a technical bounce.
On longer term weekly chart (not shown), oil's price closed below its three weekly EMAs in long-term bear territory. Weekly technical indicators are in bearish zones, and showing downward momentum - hinting at some more correction.
WTI Crude Oil chart
The daily bar chart pattern of WTI Crude Oil consolidated sideways with a slight upward bias during the past two weeks. Oil's price closed above its three EMAs in bull territory, but failed to close above the 'support-resistance zone' (between 62 and 64).
Note that trading volumes during recent down days have exceeded volumes on up days. That is a sign that bears are active and following a 'sell on rise' strategy.
Daily technical indicators are looking bullish. MACD is about to cross above its falling signal line in neutral zone. RSI has moved above its 50% level. Slow stochastic is rising above its 50% level.
Oil's price may rise further due to escalating US-Iran tensions and concerns about US-China trade war.
On longer term weekly chart (not shown), oil's price bounced up after receiving strong support from its converging weekly EMAs, and closed in long-term bull territory. Weekly technical indicators are in bullish zones, but not showing much upward momentum.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil consolidated sideways with a slight upward bias before breaking out to close above the 'support-resistance zone' (between 70 and 72) on Thu. May 16.
Bears started to 'sell on rise'. Oil's price slipped down to close just below 72, but above its three EMAs in bull territory.
Daily technical indicators are looking bullish but not showing much upward momentum. MACD is facing resistance from its sliding signal line in bullish zone. RSI is above its 50% level, but moving down. Slow stochastic has moved up towards its overbought zone, but its upward momentum has weakened.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are in bullish zones, but not showing much upward momentum - hinting at some more consolidation.
Gold chart pattern
The daily bar chart pattern of Gold appears to have formed a bearish pattern of 'lower tops, lower bottoms' during the past two months. However, bulls need not lose heart just yet.
Why? A couple of technical reasons: (1) Gold's chart indicates formation of a large 'cup and handle' pattern - with a possible upward breakout above 1350; (2) The past 2 months' trading has formed the 'handle', which itself is looking like a 'falling wedge' from which the likely breakout is upwards.
There is an important caveat. Gold's price had dropped below its 200 day EMA into bear territory, and touched a low of 1266 on Apr 23 before recovering a bit. A fall below 1260 - which is at the mid-point of the 'cup' - can negate the 'cup and handle' pattern.
Daily technical indicators are looking bearish. MACD is facing resistance from its falling signal line in bearish zone. RSI is below its 50% level. Slow stochastic has emerged from its oversold zone, but its upward momentum has stalled.
After touching a high of 98.10 on Apr 26 - its highest level in 2 years - the US Dollar index has slipped below 97.50 on Apr 2. Gold's price tends to move in the opposite direction to the Dollar index.
On longer term weekly chart (not shown), gold’s price bounced up after receiving support from its 200 week EMA, and closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are looking bearish. MACD is falling below its signal line in bullish zone. RSI is seeking support from its 50% level. Slow stochastic has fallen inside its oversold zone, and can trigger a technical bounce.
Silver chart pattern
The brief foray into bull territory during the first two months of the year appears to have come to an end for the daily bar chart pattern of Silver.
Silver's price has formed a bearish pattern of 'lower tops, lower bottoms' and is trading below its three EMAs in a bear market. Throughout April '19, silver's price faced resistance from its 50 day EMA, and fell further below its falling 200 day EMA.
Daily technical indicators are in bearish zones. MACD has merged with its signal line. RSI is below its 50% level. Slow stochastic has emerged from its oversold zone, but not showing much upward momentum.
On longer term weekly chart (not shown), silver's price faced resistance from its 20 week EMA, and closed below its three weekly EMA in a long-term bear market. Weekly technical indicators are looking neutral to bearish. MACD is in neutral zone. RSI is moving sideways below its 50% level. Slow stochastic has entered its oversold zone. Some more correction is possible.
WTI Crude Oil chart
Note the following comments from the previous post on the daily bar chart pattern of WTI Crude Oil: "The zone between 62 and 64 had acted as a support zone during Apr-Aug '18. It is likely to act as a resistance zone for a while."
Oil's price managed to move above the resistance zone, and closed above the 64 level on Apr 8 and 10. Sliding volumes showed lack of follow-up buying. Oil's price has drifted down inside the resistance zone (between 60-62).
The impending 'golden cross' of the 50 day EMA above the 200 day EMA will technically confirm a return to a bull market. Expect oil's price to move higher after a bit of consolidation or correction.
Daily technical indicators are correcting overbought conditions. MACD is about to cross below its rising signal line in overbought zone. RSI has dropped from its overbought zone. Slow stochastic has fallen to the edge of its overbought zone.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory for the third week in a row. Weekly technical indicators are looking bullish. MACD is rising above its signal line in bullish zone. RSI is moving sideways above its 50% level. Slow stochastic remains well inside its overbought zone, and can trigger some more correction or consolidation.
Brent Crude Oil chart
The daily bar chart pattern of Brent Crude Oil entered the resistance zone between 70-72 as expected, but has been consolidating sideways after failing to cross above the 72 level.
Oil's price is trading above its three EMAs in bull territory. The impending 'golden cross' of the 50 day EMA above the 200 day EMA will technically confirm a return to a bull market.
Daily technical indicators are looking bullish and overbought. MACD is rising above its sliding signal line in overbought zone. RSI has dropped down from its overbought zone. Slow stochastic is inside its overbought zone.
Some more consolidation is possible before oil's price makes an attempt to move above the resistance zone.
On longer term weekly chart (not shown), oil's price closed above its three weekly EMAs in long-term bull territory for the third straight week. Weekly MACD and RSI are in bullish zones. Slow stochastic is well inside its overbought zone, and can trigger some more consolidation or correction.
S&P 500 index chart pattern
The daily bar chart pattern of S&P 500 consolidated sideways within a 27 points range during the first four trading days, but formed an upward 'gap' to close above the 2900 level on Fri. Apr 12.
It was the first close above 2900 in more than 6 months. A new high is now within handshaking distance. But bears are still not ready to throw in the towel.
Trading pattern during the past 6 weeks has formed a bearish 'rising wedge' from which a downward breakout is likely. A correction will improve the technical 'health' of the chart - enabling the index to rise to a new high.
Daily technical indicators are looking bullish and overbought. MACD is moving sideways above its signal line. RSI is making another attempt to enter its overbought zone. Slow stochastic is well inside its overbought zone.
All three EMAs are rising and the index is trading well above them in a bull market. However, negative divergences visible on all three indicators - which failed to rise to new highs with the index - can trigger some correction or consolidation.
On longer term weekly chart (not shown), the index closed above its three weekly EMAs in a long-term bull market for the 11th week in a row. Weekly MACD is rising above its signal line bullish zone. RSI is moving up above its 50% level. Slow stochastic is well inside its overbought zone.
FTSE 100 index chart pattern
The daily bar chart pattern of FTSE 100 consolidated sideways during the week. The possibility was mentioned in last week's post.
The index touched the week's high of 7478 on Tue. Apr 9, but formed a 'reversal day' bar (higher high, lower close) that triggered a mini correction towards the rising 20 day EMA on Thu. Apr 11.
A bounce up on Fri. Apr 12 to a close at 7437 could not prevent FTSE from sustaining a 10 points loss for the week. However, the 'golden cross' of the 50 day EMA above the 200 day EMA has technically confirmed a return to a bull market.
Daily technical indicators are in bullish zones but not showing much upward momentum. MACD is sliding down towards its rising signal line. RSI remains below the edge of its overbought zone. Stochastic is inside its overbought zone. Some more consolidation is possible.
The BrExit 'can' has been kicked down the road. Since UK will now remain in the EU till Oct 31st, they will participate in the European parliamentary elections next month. This uncomfortable reality is dawning on Europeans.
On longer term weekly chart (not shown), the index closed above its three weekly EMAs in long-term bull territory for the fourth straight week. Weekly technical indicators are looking bullish. MACD is rising above its signal line in bullish zone. RSI is rising towards its overbought zone. Stochastic is well inside its overbought zone.
Gold chart pattern
The daily bar chart pattern of Gold has formed a large 'cup and handle' continuation pattern. The pattern is more clearly visible on the 50 day EMA. An upward breakout can be expected after the 'handle' formation is complete.
Note that a fall below 1260 - which is at the mid-point of the 'cup' - will negate the 'cup and handle' pattern. Gold's price is trading above its rising 200 day EMA in a bull market.
Daily technical indicators are looking neutral to bearish. MACD is moving sideways below its signal line in bearish zone. RSI is facing resistance from its 50% level. Slow stochastic has emerged from its oversold zone.
After a sharp rise above 97.70 on Mar 7, followed by a sharp fall to 95.20 on Mar 20, the US Dollar index recovered to 97.10 on Apr 2. It has been consolidating between 97 and 96.50 since then. Gold's price has been consolidating as well.
On longer term weekly chart (not shown), gold’s price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are giving mixed signals after correcting overbought conditions - hinting at more consolidation or correction.
Silver chart pattern
The daily bar chart pattern of Silver had a brief foray back above its three daily EMAs into bull territory, and an intra-day move above 15.60 before bears decided to take charge again.
Silver's price dropped below its three EMAs, and the 14.90 level on Apr 4, before pulling back towards its falling 20 day EMA. It remains below the 200 day EMA in bear territory.
Daily technical indicators are in bearish zones. MACD is facing resistance from its sliding signal line. RSI is trying to move up to its 50% level. Slow stochastic has emerged from its oversold zone.
On longer term weekly chart (not shown), silver's price is facing resistance from its 20 week EMA, and closed well below its 200 week EMA in a long-term bear market. Weekly technical indicators are looking neutral to bearish. MACD and RSI are in neutral zones. Slow stochastic is falling rapidly towards its oversold zone. Some more correction may follow.
