October 10, 2017

ES Hour chart update

  • ES One hour chart shows bulls trying to stay above 100 Hour SMA.
  • Range shows price doing false spikes on both direction. This setup need price to close outside this range for a bigger directional move to follow.

ES Hour chart Analysis

  • Hourly cloud is acting as support. Weakness only if bears manage to close below the cloud.
  • Hour is in a range. Bigger moves only when range gets resolved. Staying above 100 SMA an upper breakout is possible. Below the cloud price may move towards 2520 levels. Breakout above the range can give 2560 plus levels.

INFOSYS Multi Year support line and Descending Triangle

  • Infosys Multi Years support line shown in first chart has saved bulls from a bigger fall.
  • Second chart shows a possible False breakdown scenario, Mostly this is followed by swift  move on the opposite direction. But Bulls has one more hurdle Which is the Falling resistance line of a Descending triangle pattern. Bearish Only if price starts close below 900 levels again.