February 9, 2011
- ES Four hour chart is showing a rising wedge pattern.
- Price has given a negative break of the supporting trend line.
- If ES breaks below 1313 and sustains below 1313 bears will extend gains.
- If Price fails to break below 1313 we will see another new High for ES soon.
- DOW JONES RESISTANCE LEVELS
- The resistance line shown in 5 minutes chart is also a possible neck line of a small inverted head and shoulders pattern.
- If 5309 is taken out by bears then the balance of power will shift towards bears and they will get stronger if day low(5263) breaks again.
- Breaking above the resistance line and closing above this line may confirm a short term bottom for nifty futures.
- RCOM DESCENDING TRIANGLE
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