- Immediate level to watch out is 2098. If that is not held price moving towards 200 SMA.
- Bulls need to get back above 100 SMA to pause this fall.
- Weekly chart shows price challenging the larger breakout. If ES daily falls below 200 SMA this time then the breakout is gone.
September 12, 2016
- If one sees the left side of the weekly candle the Topping process took its time. 3 Bearish attempts to form the Top. Price for now is approaching this same resistance zone. We may not know for now if this is a topping process or a consolidation in an up trend which is followed by a breakout on the upside. One has to wait for followup price action to confirm. The up trend will be in danger if week starts to close below 8500 levels.
- Many Technical analyst including me can see a potential Double top being formed in Month chart. But If the Mass starts to believe in this pattern early there could be new high's to trap Weaker bears before the real correction starts.
- For now though the weakness May take price towards the GAP between 20 and 50 Day SMA as shown in Daily chart.
- Bearish pattern of S&P 500 Futures
- NIFTY Hits the Line of Weakness
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.