April 2, 2012
CHART-II - UPDATED
- ES bouncing from the hourly cloud which was one of the support levels discussed below.
- ES Hour chart near 200 Hour SMA and Cloud support levels
- 38.2% Fibonacci levels too may act support for the current fall.
- Breaking the cloud may extend the fall towards the Golden ratio.
- Reliance has given a bullish weekly candle.
- Price closed at 23.6% Fibonacci level.
- Price yet to takeout 20 Day SMA. Daily MACD too is yet to confirm a buy signal.
- Price sustaining above 23.6% Fib level may extend the current up move towards 38.2% level and above it.
- Breaking below 718 will negate the bullish opportunity and another break below 700 may happen.
- NIFTY WEEKEND UPDATE