May 31, 2011

CHART-II
  • Price gave a correction as discussed in the below chart.
  • Now it is near 50 Hour moving average and the channel support line. So an up move is possible from this level.
  • Bears will become stronger if they manage to break the channel.
CHART-I
  • ES Hour with the Ascending channel.
  • Price at 1343.75 hits the channel top. We may see a correction But things will favor bulls till price remains in the channel.
  • 1334 is an important support level for today.
  • ES BREAKOUT
  • Daily chart shows Two more resistance for bulls to break.
  • Closing above 5560 will target 5605 and then the 50 day moving average.
  • Nifty did a pause day yesterday at its 20 day moving average. So close above this level will help bulls to extend gains.
  • Closing above 20 DMA Price will target 5550 level were the resistance for index is strong.
  • Weekly chart's Triangle is looking good. After finding support at the triangles support line with the help of a bullish hammer Price looks like it is ready for an up move towards the resistance line of the triangle and if that succeeds 5700 may be achieved.
  • For bears Price has to break 5348 - 5370 support level on closing basis.
  • S&P 500 Futures Four hour Chart

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore