June 1, 2011

  • ES is nearing the Golden ratio for the current rise from 1302 level.
  • Price has broken below 200 Hour moving average.
  • Price sustaining below 200 Hour moving average will favor bears.
  • If an intraday bounce is to happen it might happen from 61.8% retrace level
  • ES Daily line chart shows price near 1341 - 1342 level which is an important Support and Resistance level. If bulls manage to move above and close higher from this level they can extend gains up to 1375 level.
  • If bears manage to pull down and close below this level price may start to correct again.
  • Price in hour chart is moving up in a channel. For bears they should try to break the channel, Price staying in the channel will favor bulls and small corrections within the channel can be used for achieving newer high's.
  • Nifty has managed to get into the Bear flag pattern.
  • Now that the resistance line is crossed price may target the upper trend line.
  • Nifty Closes above 20 DMA and if sustains above this level will soon reach the 50 day moving average.
  • MACD and Stochastic are still favoring bulls. Indicators are yet to become weak.
  • The hammer seems to be working well for bulls so far. Price closing towards the high of the week will increase the validity of the Weekly bullish hammer

Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

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My Favourite Quote

"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