- ES Fibonacci levels shows price above the golden ratio(61.8%). If price sustains above this level we may see 1330 levels shortly. Breaking below 61.8% will be negative for the bulls.
- Price sustaining above the cloud will favor bulls.
- Hour chart shows an inverted H&S kind of breakout, for this to sustain 1320 level should be protected by the bulls.
- DOW JONES WEEKEND UPDATE
February 28, 2011
- Long term picture will favor bears as long as nifty trades below 50 week moving average.
- We may see wild swings today because of the news. So it would be wise to trade based on closing values.
- 5369 can be kept a the balance of power for bulls and bears.
- Closing above 5369 will favor bulls and break below 5177 will favor bears.
- TATA MOTORS TREND LINE TOUCH
- Dow Jones hour chart shows 12150 as a crucial level for bulls to cross.
- Fib level too shows 38.2% level coinciding with 12150 area. Price closing and sustaining above 38.2% may give another up move in the coming week.
- Daily chart candlestick pattern shows bullish possibilities. Thursday's candle gave a long shadow which shows buying at lower levels This was followed by another positive candle which resulted in bullish engulfing pattern.
- Now for the bullish engulfing pattern to work price need to trade above 20 day moving average. A convincing trade above 20 dma can take dow to 12230 levels.
- 11980 level may act as support in the short term..
- APPLE WEEKEND UPDATE
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