CHART-II
- Breaking 1278.50 will extend gains for bears. This level may act as a support area as well.
CHART-I
- ES hour chart is showing a triangle shaped consolidation.
- This one can give more than 10 points towards the breakout provided there is no false breakout.
- Price in daily chart is trading near its 200 DMA, So if price touches the 200 DMA we may see a bounce from this moving average.
- Price in weekly did violate the trend line, But has managed to stay above it form now.
- Daily chart is trending down in a channel. So a change in trend may be visible once the resistance line of the channel gets broken on closing basis.
- First chart shown is the range of bank nifty in weekly Time frame. This range should be resolved for a convincing move to happen.
- 2nd chart shows a possible Diamond pattern in daily chart. This pattern is know to be bearish. But Remember A Diamond can make a bottom formation as well. So go short only if the support line of the Diamond breaks.
