ES did violate the channel But found resistance below the 200 hour moving average.
Price may test 1191.
CHART-I
ES has gone above the resistance level of 1201.
Price has violated the channels resistance line.
But price is near the 200 hour moving average. If gets resisted here index may get back into the channel. Channel breakout will be valid only if price trades above 200 hour moving average
1201 is the resistance level and 1191 is the support.
If price goes above 1201 it has to breakout of the channel for favouring bulls. But the trend in hour chart is down so sell on rise may continue for a while.
Breaking 1191 will give fresh lows. Price may slip below 1185.
Unitech in daily chart shows a broad trading range of 64 - 98.
Stock broke out above 98 for a brief period and then sold off into the range.
Stock was trading in a channel in daily chart which has broken down. If 76 does not hold then stock on closing basis price may move towards the bottom of the range.
