- ES Four hour chart is trading near resistance line.
- Price is trading above its 50 Period Moving average.
- Yesterday i did a post on SPY 15 Minutes chart. The chart looks similar to this one But on a higher time frame. SPY gave a breakout above the resistance line. Lets see how this one is going to go.
- SPY 15 MINUTES CHART - RESISTANCE LINE
May 19, 2011
- Falling wedge discussed earlier seems to be giving gains for Bulls.
- Resistance levels are strong from 5500 - 5530.
- Closing above this level will favor the bulls.
- Falling below 5450 will favor bears again.
- Nifty's Falling wedge in hour chart shown yesterday is still valid. Price has not gone below the wedge.
- Price is making a triangle shaped consolidation in hour chart.
- So breaking above or below the support lines of the triangle may give the next direction for nifty.
- LARSEN & TUBRO CHART ANALYSIS
- Reliance Day chart is trending down below 20 day moving average with not bottom formation yet as shown in first chart.
- Number that will save the bulls is the recent low of 885. Break below that will take reliance to 850 levels thats were the support line is as shown in 2nd chart.
- 3rd chart shows weekly chart on closing basis this one shows limited downside But before the week decides to close price can violate the support line and then come back above and close. So have your plans in place.
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