CHART-II
- Support areas for ES is at 1327.75 and 1322.22
- Resistance line mentioned below has given good correction. Break of 1327 level may push price down to 1322 area.
CHART-I
- ES Four hour chart near its resistance line
- Breaking above the line will continue the up move.
- If price looses momentum we can see a correction.
- ES Four hour chart has given a bearish engulfing pattern at the top.
- If support levels gets broken we can see an extended correction.
- Main support lies near 1322
- Trading above 1332.50 will negate the bearish engulfing pattern.
- Nifty has multiple resistance in daily chart.
- Fib resistance of 38.2 at 5562
- 200 dma and 20 dma. Price is already facing resistance at 20 dma.
- Weekly chart is showing resistance at 5530
- SPY Supports are seen at 132.64 and 131.30 levels.
- The recent high of 133.54 may act as resistance.
- Price Breaking trend line will give 132.64.
- ES SUPPORT LEVELS
- ES Hour chart with support lines
- First support is between 1321 - 1322.
- Two trend lines in hour chart may also act as support
NIFTY SPOT DAILY CHART
- Nifty Spot daily chart with channel
- Nifty has closed outside the channel
- But the candle shows indecision between bulls and bears.
CHART-II
CHART-I
- Nifty is trading in a range 5408 - 5474
- Since the short term trend is up this should be a bullish consolidation formation.
- But if today's low gets broken we may seen a dip.
