CHART-II
- ES broke out of the pattern But is unable to move above 1224 resistance level mentioned in the below chart.
- Index will gain up ward momentum if price breakout above 1224. Unable to move above 1224 will be negative in the short term.
CHART-I
- ES is showing a consolidation pattern in 30 minutes chart.
- Pattern looks like a diamond but its not perfect in its formation
- But break of 1216 may give good correction, in the same way an upside break above1224 can give new high's for the index.
- SPX WEEKEND UPDATE
- Trend line and the support at 6033 is Violated.
- Next important stop for Nifty futures is at 5980 levels.
- Stochastic indicator has moved to the oversold region in 30 minutes time frame.
- Nifty Futures 30 minutes chart with trend line support and support line at 6033.
- Today morning Nifty Futures gave a breakout above 6033.
- Now weakness can be seen if 6033 breaks or the trend line gets violated. Longs are safe if NF maintains its stand above 6033.
- Nifty has to close above 50% Fibonacci convincingly for the index to move ahead.
- Upward momentum will increase only if the 50 DMA and 20 DMA is taken out.
- Above 50 DMA Nifty may target the 61.8% Fibonacci level.
- GOLD MAY TEST THE ALL TIME HIGH
