August 25, 2015

ES update

  • ES Weekly chart shows crucial support zone. Strong support seen at this level. Bears need to break below this level for bigger correction to happen.
  • One hour chart shows resistance at cloud. Price need to stay above hourly cloud for bigger reversal to happen.

Nifty chart analysis

  • The effect of bearish engulfing at top never went away. After few months of sideways move the fall has started again. For now the GAP in weekly chart is crucial if price continues to stay below it another big fall is possible. Bears need price to stay below the weekly cloud on closing basis to extend gains. Cloud base may act as support for sometime.