- Crude Oil has violated the resistance line in four hour chart.
- Current up move may hit resistance at 102.58
- ES HITS 200 DMA
June 8, 2011
- ES daily chart with 200 Day moving average.
- Price usually bounces from 200 DMA when it meets the moving average after a long time.
- So Bulls can expect a bounce.
- Hour is still trending down below 50 Hour moving average.
- If a bounce is to happen we will see price moving above 50 Hour moving average.
- DOW JONES ANALYSIS AFTER CLOSING BELL
- Reliance Industries four hour chart with an inverted head and shoulders pattern.
- Bullish only if price keeps its head above 964.
- Break below 928 will favor bears.
- Although we have a bullish pattern stock is in a neutral place from here it can go both ways. So wait for a breakout or breakdown before one take a large position.
- Dow Jones in the daily chart is about to hit a trend line. We had 5 red candles so this hit at the trend line may result in a green or white candle.
- Price in hour chart is trending down below major moving averages after the death cross.
- Last chart is to give some hope for bulls. Price may give a higher low and RSI is about to make a lower low resulting in Hidden Positive Divergence. Note: Price has not made a bottom yet so we have to wait and see till Dow Decides to bounce.
- BABYPIPS.COM EXPLAINS HIDDEN DIVERGENCE
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