April 23, 2013
- ES one hour chart shows price approaching 200 Hour SMA Which is a possible resistance area.
- Price is also nearing 50% Fib level as shown in four hour chart. Sustaining above these levels this up move will extend.
- For resuming the down move bears must break below the Hourly cloud shown in last chart. For now hourly cloud is giving support.
- Nifty is at the falling resistance line from 6111 levels, Price yet to show weakness.
- Price is nearing 100 Day SMA and the Golden ratio. Confluence of resistance near 5870 - 5890 may stop this up move.
- For now price must sustain above the falling resistance line for moving towards the crucial resistance area mentioned above.
- CNX - IT CHART ANALYSIS
- IT index continues to fall. Price is testing the Weekly Ichimoku cloud.
- Weekly indicators are yet to become completely oversold which may give some more fall falls for the IT index and the stocks.
- Now if price does not hold above the Ichimoku cloud it may test the rising support line from 5011 levels.
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