August 6, 2012
- ES Daily chart shows price above falling resistance line
- Daily chart shows price above 78.6% Fib level. Sustaining above this level should result in more up moves.
- Possible resistance line for Bears is shown in Four hour line chart.
- IWM WEEKEND UPDATE
- BANK OF AMERICA CHART ANALYSIS
- S&P 500 WEEKEND UPDATE
- NIFTY Daily chart shows strong support near 50 and 100 Day SMA (5139 - 5146).
- Sustaining above the support zone should take nifty towards the resistance line of the contracting triangle pattern. Breakout above this resistance line should lead to the weekly resistance line from 6335 - 5629. Here price will face stiff resistance from this trend line and 100 Week SMA.
- For bears price need to stay within the contracting triangle pattern for a possible fall towards the support line of the pattern.
- We may also see a false breakout from the contracting pattern and price getting resisted at the weekly trend line or 100 Week SMA. This could take nifty to the 5380 - 5400 area.
- RELIANCE INDUSTRIES UPDATE
- Reliance industries is trying to form a bottom
- Chart shows strong resistance between 760 - 770 levels if price manages to reach this zone.
- failing to cross the resistance line shown in daily chart will be negative. Crossing the resistance line should take price towards the above mentioned resistance level.
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