- SPY Supports are seen at 132.64 and 131.30 levels.
- The recent high of 133.54 may act as resistance.
- Price Breaking trend line will give 132.64.
- ES SUPPORT LEVELS
February 15, 2011
- Nifty has closed above 5 day high ema after a long time. Now it may be safe to buy the dips with proper stop loss.
- One can also wait till nifty makes a close above 20 dma to make sure that the trend has turned completely in favor of the bulls. In trending market 20 dma works well so if price gets resisted here a correction is possible.
- Nifty spot has not yet given a breakout above the trend line. But futures has closed above the trend line shown above.
- Four hour chart of nifty futures CLICK HERE