- 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
