October 14, 2011

GOOGLE Near resistance line

  • Google is approaching its resistance line in weekly chart.
  • Second chart shows today's GAP. This gap may not get faded right away. Price may continue towards the resistance line and the correction from there may fill this GAP.

ES Daily chart Analysis

  • ES Daily is about to hit its 100 SMA
  • Price is trying to move above the cloud.
  • so for bulls price has to stay above the cloud and 100 SMA. Closing the daily candle above the cloud and 100 SMA will lead to a sustained up move.
  • For bears price has to fall back into the cloud and break below it.

NIFTY Analysis

  • Trend line shown in yesterday's post has managed to stop bulls of nifty
  • But For bears 50 SMA is a big problem. If price manage to stay above it then bulls will manage to take prices higher.
  • Week high ema is important for bears. Closing the week above week high ema will lead to continuation of this up move.