June 1, 2011
- ES Daily line chart shows price near 1341 - 1342 level which is an important Support and Resistance level. If bulls manage to move above and close higher from this level they can extend gains up to 1375 level.
- If bears manage to pull down and close below this level price may start to correct again.
- Price in hour chart is moving up in a channel. For bears they should try to break the channel, Price staying in the channel will favor bulls and small corrections within the channel can be used for achieving newer high's.
- Nifty Closes above 20 DMA and if sustains above this level will soon reach the 50 day moving average.
- MACD and Stochastic are still favoring bulls. Indicators are yet to become weak.
- The hammer seems to be working well for bulls so far. Price closing towards the high of the week will increase the validity of the Weekly bullish hammer