February 16, 2011

ES Near resistance line

  • 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.
  • 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 Bearish engulfing pattern

  • 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 Daily analysis

  • 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