- Dow Jones monthly chart with previous resistance levels at 11670 and 11750.
- Dow may find resistance between this level.
- But Fibonacci levels are showing a clear breakout above 61.8%.
- If month closes above 61.8% and 11750 the positional bull will become stronger. Then the next target is 78.6% Fib level which is above 12000.
- ES Hour chart is on the verge of yet another breakout.
- Since the trend is up an upside breakout may give a good long trade.
- Downside break may not give much gain for bears because of 50 hour moving average and the cloud.
- Nifty may soon give direction from the Ichimoku cloud.
- Breaking and staying below the cloud will favor bears. Above the cloud bulls will gain strength.
- First chart also shows possible levels for bulls and bears to conquer for gaining momentum.
- SUZLON ENERGEY NEAR 50 DMA
- Suzlon Energy has been showing rising support levels in daily chart for sometime now.
- But Stock has many resistance levels to cross before it can turn bullish.
- 50 DMA is the first and the most important resistance above this MA there is a resisting trend line and the 200 DMA.
- For now the stock is expected to give a short trade from its 50 DMA.
- SPX 15 minutes chart with resistance line.
- Upward momentum can only continue if price closes the day above the resistance line.
- sustaining below the resistance line will favor bears and a correction may follow.
