March 23, 2011
- First chart shows the triangle pattern in four hour time frame which is yet to give direction.
- Next chart shows nifty in a small channel within a larger pattern.
- Today's move is likely to get exhausted at the resistance line of the small channel.
- If price break out of the small channel Nifty may target the resistance line of the larger pattern which is above 5600 level.
- Reliance Industries daily chart is consolidating between a support and resistance line.
- Breakout above the resistance line along with 200 DMA can give good profits for bulls. Opposite scenario can give good direction for bears as well.
- CRUDE OIL BREAKS THE RESISTANCE LINE
ES HOUR CHART
- ES Hour does a bullish moving average cross. 50 is above 200 hour moving average.
- Now for bulls price should not dip below 200 hour moving average. Closing below 200 hour moving average will turn things in favor of bears.
- Price sustaining above 50 hour moving average can give an up move towards 1296.
- Price slipping below 50 hour moving average will be negative for the bulls.
- CRUDE OIL CHART ANALYSIS