- Despite today's bullishness the pattern in 4 hour looks like a bearish wedge like pattern.
- One hour time frame continues to be bullish with the Hourly cloud giving nonstop support for ES Bulls.
- Unless the structure of HH and HL change there will not be bigger correction in Hourly charts.
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- ES Hour continues to take support at the Hourly cloud.
- Break and close below the cloud may lead to a correction.
- 4 Hour chart shows a contraction channel. This channel must resolve for bigger moves to follow.
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- ES Hour testing crucial support levels.
- Holding above hourly cloud may lead to new high's again.
- Bears need to break and stay below hourly cloud.
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- ES Hour continues to be in a range.
- Hourly cloud acting as support for ES Bulls.
- If the Cloud does not break on closing basis A Bullish move out of the range is possible. Break below 2541 can give 10 to 15 points on the Down side.
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- Nifty Week shows price in a 450 Plus range. Weekly MACD Has a sell signal. So any up swing inside this range should be watched cautiously.
- Hour up swing is getting tested.
- Up move may resume if price gets support at 30 Minutes cloud. Otherwise a bigger correction is possible.
- NIFTY Weekend update
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- Nifty hour shows a steady up move.
- Up swing will be safe till price stay above 30 Minutes cloud.
- But bulls must be cautious as the current up move is happening against the MACD Bearish cross in Weekly chart
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- 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.
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