April 19, 2012
- Price managed to trade above the flag's resistance line but could not make a bullish close.
- Price tested 50 Day SMA too But could not close above it.
- If price does not close above 50 SMA Soon we may see a correction towards the lower end of the range.
- Bollinger band shows band contraction which should lead to a breakout soon.
- 50 Day SMA at 5337.
- ES one hour chart shows a Cup and Handle like price action which is a bullish pattern.
- One hour chart also has done a bullish cross of 50 above 200 Hour SMA.
- But the bigger time frame four hour chart has a bearish cross. For the bearishness to be negated price need to sustain above crucial moving averages. otherwise the larger time frame is likely to win after a small bounce.
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.