February 16, 2011

CHART-II
  • Support areas for ES is at 1327.75 and 1322.22
  • Resistance line mentioned below has given good correction. Break of 1327 level may push price down to 1322 area.
CHART-I
  • ES Four hour chart near its resistance line
  • Breaking above the line will continue the up move.
  • If price looses momentum we can see a correction.
  • ES Four hour chart has given a bearish engulfing pattern at the top.
  • If support levels gets broken we can see an extended correction.
  • Main support lies near 1322
  • Trading above 1332.50 will negate the bearish engulfing pattern.
  • Nifty has multiple resistance in daily chart.
  • Fib resistance of 38.2 at 5562
  • 200 dma and 20 dma. Price is already facing resistance at 20 dma.
  • Weekly chart is showing resistance at 5530

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore