August 13, 2012
- ES Four hour chart shows negative divergence But bears are not getting the expected correction. Price is moving sideways which may be followed by an up move.
- Range breakdown may lead price towards the up trend line.
- Price sustaining above the cloud will not give bigger falls.4
- Nifty week stands above the weekly cloud. Bulls need a resistance line breakout for extending the up move.
- Confluence of resistance around 5370 - 5390 with the resistance line and 100 Week SMA. Weekly close above this zone will suggest strength for bulls.
- The cup and handle pattern looks valid and will be effective on trading above 5400.
- India VIX Shows positive divergence and need a close above 20 SMA for a possible up move.
- SBI CHART ANALYSIS
- TATA Motors up move could not move above 38.2% Fib level.
- Daily chart shows a death cross. Bears will be stronger on trading below 50 and 200 Day SMA.
- Last chart shows crucial up trend line getting violate and an attempt to move above it getting failed. But there is hope for bulls if they are able to trade above 252 levels.
- SBI WEEKEND UPDATE
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