- ES Daily shows possible support level at 2317. Rising 100 SMA too may reach this level soon. Immediate resistance is the broken 50 Day SMA. Bears need to keep price below 50 Day SMA. Bigger weakness only on price closing below 100 Day SMA.
April 17, 2017
- Nifty daily is testing 20 Day SMA after a long GAP. It was at 8100 last when price met 20 Day SMA Which shows how smooth and strong this up move was.
- Weekly MACD is poised for a sell But this is based on price action. So bears need price to stay below 8950 - 9000 levels for bigger correction to follow. Bulls remain safe above this zone.
- Daily time frame has been diverging for a long time now. Bears hoping for bigger things to follow in the coming Days.
- INFOSYS Technical Analysis