CHART-II
- ES Violated the triangle but took support between 1170 and 1174 for now.
- Now for Bulls price should trade above 1180. It it does not sustain above 1180 we may see a retest of today's low.
- Larger correction will be possible only if 1174 and 1170 gets broken.
CHART-I
- ES Triangle pattern in four hour chart
- Price is trading near the support line of the triangle
- This may act as support zone.
- Price may break the triangle support line too. Break of the Trend line should take out 1174 and 1170 for a bigger correction to take place.
- DOW JONES WEEKEND UPDATE
- Nifty Futures 15 minutes chart with support and resistance lines.
- Price sustaining above the red line will favour bulls.
- Pink line can be kept as the line of control. Bulls will try to take full control above the pink line. Breaking below the supporting trend lines in red color will favor bears.
- Important support level for reliance in daily chart is 958 Breach of this area can take reliance below 950 towards 915.
- If trades above 958 and closes above this level stock may give 993 on upside.
- But this stock is trading below its 20 , 50 , 100 and 200 DMA's. It's also interesting to note that the stock had fallen so fast that the 20 DMA did not catch up with the price. So 20 DMA may cross 50 , 100 and 200 DMA before the stock bottoms. Positional longs will be safe if taken aove 20 DMA.
- Before the euphoric rise towards 6300 levels nifty was trading in a broad multi week range.
- We saw a breakout above 6500 levels. In most breakouts we can expect a retest of the breakout area before the next move happens towards the breakout.
- FALLING WEDGE OF NIFTY
- Nifty spot is showing a possible falling wedge reversal pattern. If price does not make new lows this pattern is very likely to give support for nifty.
- On the contrary if price continues to stay below the 100 DMA nifty can move towards its 200 DMA.
- FLAG OF CNX IT
