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
