February 24, 2012
- ES top bollinger band discussed in the below chart has given a correction. this down move may find support near the middle bollinger band.
- ES four hour at top bollinger band. This setup has given good corrections in the recent past.
- Price is also testing the recent high's so bulls need a successful breakout for another 10 to 15 points on the up side.
- Failure breakout may lead to a pull back towards the black lines.
- CRUDE OIL WEEKLY CHART
- Nifty below 50 hour SMA will face selling pressure at higher levels. Price broke below 50 Hour SMA and rallied backup only to be resisted by 50 Hour SMA again.
- first chart shows possible support and resistance lines. Breaking the resistance line may take Nifty back towards 50 Hour SMA again. Below the support line price may fall towards 5370 levels.