ES Hour chart analysis

CHART-II

• ES Has given a breakout of the channel as discussed below.
• Now price sustaining above 1334 and 50 Hour moving average will extend gains for Bulls.

CHART-I

• ES four hour chart with resistance line. Last 3 times when price hit this trend line the Price action confirmed easy shorting opportunities.
• But now price is trying to violate the resistance line so a breakout may be on the cards.
• Price in hour chart is staying above 50 Hour moving average. So A fall below 50 Hour moving average may give a deeper fall. As long as price stays above 50 Hour moving average a breakout is possible.
• SPY WEEKEND UPDATE
  

NIFTY Triangle pattern

• NIFTY has given a breakout from the triangle pattern
• Bulls can add momentum only if they sustain above yesterdays high 5509.

CHART-I

• 15 Minutes chart with a triangle pattern.
• Trend in shorter time frame is favoring bulls So an upper breakout will help bulls extend gains
• But being a triangle this may give a breakdown too.