- ES moved back into the bullish zone
- The Bounce from 200 Period SMA of 4 hour chart. That line was violated only for a while. The violation was only to trap more bears into believing that a real breakdown is about to happen. When enough bears are trapped Market moves up again.
- Immediate resistance at 2485 levels.
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- ES 4 hour chart shows price moving back towards the broken moving average and Ichimoku cloud. Bears must keep price below this level to keep the weakness intact.
- One hour chart shows a descending triangle pattern. If price moves back above the falling resistance line Bulls may regain momentum. Bears need price to fall back below the support zone highlighted in one hour chart.
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- NIFTY Bulls found support at 50 Day SMA.
- One hour chart shows price moving towards the cloud. For a complete reversal price must move back above the cloud.
- Hope for bears exist till price stay below the hourly cloud.
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- ES Daily closes below 20 Day SMA.
- Recent closes below this line did not give a smooth down swing for bears. Bears expecting it to be different this time.
- 4 hour chart shows price testing crucial support zone. Bulls must stay above 2563 to avoid further damage.
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