- First chart shows ES daily chart with 20 day moving average.
- Price is above 20 dma for now, But if it falls below 20 dma we will get another correction.
- Next chart shows price with 50 dma. The recent fall was stopped at the 50 dma. So a major correction can be expected only if 50 dma gets tested again.
- 1296 has become an important support for now.
- MSFT NEAR 200 DMA
- Four hour time frame shows price hitting a possible resistance line.
- 15 minutes chart with ichimoku cloud shows a smooth up move by bulls yet to be challenged.
- NIFTY DAILY ANALYSIS
- Nifty's weekly chart shows price back into the channel consolidation it was trading in Before the breakout took place.
- Price has taken support at the bottom of the channel. Big correction may be seen if this trend line gets broken.
- For bulls the big movement is based on 200 dma. If price sustains above 200 dma we can see levels of 5700 and 5900 on screen again.
