- ES Four hour chart with a possible resistance line
- Price may take a pause near 1302 level.
- SPY SUPPORT LEVELS
February 1, 2011
- Titan industries is trading in a consolidation triangle pattern in weekly chart.
- Stock is trading above its 50 day moving average. If it continues to trade above it an upside breakout is possible.
- But these patterns should be traded with caution and a position should be taken only on a breakout.
- Fib levels shows 3602 as 38.2% Fib level for the stock. A convincing high volume trade above this level may give 50% Fib level at 3724.
- Falling below 50 day moving average will favour bears of TITAN.
- SPY 4 Hour time frame with 50 period moving average and ichimoku cloud.
- Price met the 50 period moving average in 4 hour time frame after some weeks. Price was near 119 levels when it break away from this moving average.
- Price has taken support at this moving average for now. Seeing the price action It seems a convincing break below the moving average may not happen today. Trend will change completely if only price starts to trade below the cloud. As long as price stays above the cloud upper breakouts can be seen.
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