September 3, 2013
- Crucial resistance for crude oil at one hour Ichimoku cloud. A bigger up move if price sustains above the cloud.
- Rising support line and 50 Hour SMA shown in second chart are immediate support levels.
- Crucial support in one hour chart at 105.50 level shown in third chart.
- ES Resistance Levels
- Bank nifty is testing 5 Day High EMA again. Last 4 attempts to cross this level has resulted in corrections.
- Current bounce is happening with Positive divergence as shown in second chart.
- Strength in BN for today only if price is able to sustain above the resistance line and 9233 level shown in last chart. Daily close above this level will add strength for BN bulls.
- ES Four hour time frame is approaching a falling resistance line.
- Four hour cloud may continue to act as resistance. Price need to break and sustain above the cloud for a bigger bounce to happen.
- One hour chart as shown earlier is fast approaching the Golden ratio which may act as a resistance level.
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