- Nifty week shows price at crucial support resistance zone near 10100.
- Traders also look at 10000 as crucial round number.
- But most important here is the bounce happening from 50 Week SMA. If Week manage to hold above this line then a bounce is possible. Daily did violate 200 SMA. Weekly equivalent of 200 SMA is the 50 Week SMA. So bears need a weekly close as well below 50 to confirm bigger bearish scenario.As of now 50 Week SMA is holding for bulls.
March 20, 2018
March 19, 2018
- ES Daily chart shows price moving towards 100 Day SMA.
- 2nd chart also shows a possible support in Lower Bollinger band.
- Bigger correction only if these levels are not held. Close below 100 SMA can be very negative for bulls as it may take price towards 200 SMA again.
- Another point to highlight is the strength of PIN BAR at crucial levels. This one at upper bollinger band has given good results.