My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
April 1, 2011
S&P 500 Before opening bell.
- First chart shows ES Hour breaking above a rectangle type of consolidation.
- 50 Hour moving average is near 1325 level. Staying above this level will favor bulls.
- Till now the dips below 50 hour moving average has not helped bears at all. Bulls managed to buy the dips. Price has to sustain below 50 hour moving average for bears to get a meaningful correction.
- ASCENDING TRIANGLE OF CRUDE OIL
Nifty Daily Analysis
- Daily chart shows a confluence of resistance with price about to face a trend line and 61.8% Fib level around the same area. So this are need to be cleared convincingly by the bulls to continue the upward momentum. Getting stuck here may result in a meaningful correction.
- Weekly chart too shows price near a resistance line which has stopped price from moving up earlier. Price has to clear this line on a closing basis for keeping the bullishness intact.
- ASCENDING TRIANGLE OF CRUDE OIL
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