- SPY is filling the Yesterday's GAP. But price is still below the cloud.
- If 50 Hour moving average and Cloud acts as resistance only a partial filling of the GAP will be possible.
- Hour chart will favor of bulls only if price breaks above the cloud and 50 Hour moving average.
- ES SUPPORT LEVEL
April 19, 2011
- ES Finds support near 1294 level. Price did broke 1294 But could not sustain below it. For bears they should try to close and sustain below 1294 for bigger correction to happen.
- 50 Day Moving Average is an important level. For now price is below it. Bulls will be comfortable to hold longs only if price stays above 50 day moving average.
- MACD in daily has given a sell There is a conflict there because MACD week is still favoring bulls.
- Price resting at 38.2% and 200 DMA So breakdown from here will push nifty below 5700 towards 5650 levels.
- Nifty Week is showing a big triangle pattern. Rules of the triangle gives a breakout target of 1549 points. If price moves down towards the support line of the triangle We will get a perfect triangle pattern.
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