- ES one hour chart immediate support level around 2284 and 2285
- 4 Hour chart shows the sideways channel. Price for now is staying in the bullish part of the channel. Below 2282 price will fall into the neutral sideways part of the channel.
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
February 6, 2017
ES Chart analysis before opening bell
APPLE Support and Resistance levels
- Apple One hour chart shows immediate levels of strength and weakness. Staying above 130.48 apple likely to target 134 levels in the short term.
- Weakness only if price starts to trade below 127 levels.
February 4, 2017
February 3, 2017
Nifty Weekend update ( Month charts).
- Nifty month chart did a Morning start kind of reversal . The negative divergence in daily chart was negated by the bullish formation in Month time frame.
- Price is now entering previous resistance zone between 8810 to 9119.
- Only if price is able to sustain above this zone a bigger breakout can be confirmed. Daily and weekly candles if shows weakness in this zone can lead to a reversal.
February 2, 2017
ES Analysis before opening bell
- ES bulls trying to stay above trend line drawn in 4 hour chart and 200 Period SMA. too many tests on this level could lead to a breakdown. On the contrary if price takes another support a bigger bounce is possible.
- Levels for the day is shown in chart 3. Price likely to trade between 2251 - 2262 - 2281. Bigger direction possible only on breaking out of the range between 2262 and 2281
February 1, 2017
ES Chart analysis before opening bell
- ES 4 Hour time frame shows the 200 Period SMA and the support line saving bulls from a bigger fall.
- Now price is testing the previous resistance line which is around 2281 for now. This level must be crossed for this bounce to extend towards all time high's again. As of now 2281 levels is acting as resistance.
Nifty Technical analysis before Union Budge
- Nifty daily chart shows negative divergence with MACD Histogram. This is a risky setup for today as volatility is likely to increase because of the News.
- The extreme levels for the Day are 8672 on Top and 8461 and 20 Day SMA as support levels. If these levels are broken on closing basis bigger directional moves in that direction possible in the coming days.
- Week chart shows historic resistance near 8650 levels approx. So a weekly close above this level should give new highs for bulls. For bears its a daily close below 20 Day SMA.
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