- ES Hour chart with 200 Hour moving average.
- 200 Hour moving was broken recently and price is now retracing towards this moving average line.
- ES may get resisted near this moving average.
- For up move to continue price should break and sustain above 200 Hour moving average.
- GOOGLE CHART ANALYSIS
April 15, 2011
- Infosys weekly chart shows First support for todays correction around 3000 level approximately.
- Major support level on weekly closing basis is between 2940 - 2960 level. Closing below this level will push infy below 2900.
- Price in 30 Minutes chart is filling a GAP in the chart. If a bounce is to happen today we will see it after the gap gets faded.
- There is a bullish engulfing pattern in daily chart. Important thing about Bullish engulfing is the place were it occurs, This pattern is very effective when it comes at the end of a down trend. For Bearish engulfing it give good results when it comes at the top of the trend. So we have to wait and see if this engulfing pattern has the power to break and close above the resistance levels.
- 5950 level should be taken out on a closing basis for to confirm the breakout above the resistance line as shown in 2nd chart.
- Last chart shows price retracing to the broken trend line, So bulls has to be powerful to break and close above the weekly resistance line.
- BANK NIFTY ANALYSIS
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