- ES has given a bounce from the lows of the day.
- But for the short term down trend to change price has to break and stay above the resistance line shown in the above chart.
- Staying below 1305 will favor the bears. Sustaining above 1305 and breaking the resistance line can give a bigger rally in favor of bulls.
- ES DAILY CHART ANALYSIS
April 14, 2011
- ES Daily chart with support level and Four hour chart with the cloud break.
- Support band in daily chart is from 1294 - 1300 level. Positional bulls will be safe until this level is taken out by bears on closing basis. So a bounce can be expected from this level.
- Four hour Shows Price trending down below the cloud. So any rally will face selling pressure until price manages to break the cloud on the upside.
- RIMM CHART ANALYSIS
- 11900 is an important level to cross for bank nifty on closing basis.
- Indicators in daily are looking overbought But they are yet to give a sell.
- MACD in weekly chart is looking good for bulls of BANK NIFTY.
- Weekly Trend line is showing some more upsides IF 11900 is taken out on closing basis. Price may try to retrace towards the broken trend line shown in last chart.
- NIFTY INTRADAY UPDATE
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