May 10, 2011
- ES Hour is near the resistance line of a consolidation triangle pattern and its 200 Hour moving average.
- Price if sustains above both these levels Bulls may get a rally in their favor.
- If gets resisted price will fall fast because of the confluence of resistance.
- AAPL Descending Triangle pattern
CHART - II
- Bulls are holding on to 5500. Todays fall from the rising wedge gave an intraday sell. But positional bulls are not yet affected.
- Breaking 5500 - 5520 level will give hope to the bears. For bigger gains they have to break 5443 as well. Till then this thing will remain range bound.
- Nifty has both Bullish and bearish possibilities.
- An ascending triangle breakout may find resistance at the Resistance line of the Rising wedge.
- So Bulls need to breakout of both patterns to confirm breakout.
- Bears need to Break the rising support line of the Rising wedge.