April 4, 2012
- ES may give a bounce from the support line shown in 3rd chart.
- Price breaking the cloud and 100 Period SMA in four hour time frame is negative But charts look oversold right now and it may result in a bounce towards 23.6% fib level again.
- Price breaking the support line will strengthen bears further and it may target 38.2% fib level.
- Nifty bulls failed to close the day above the resistance line. This may lead to a correction, But for bulls there is a cluster of support from 5295 - 5321 (20 Day SMA - 5295, 50 Day SMA - 5318, 5 Day High EMA - 5321) - Breaking and closing below this cluster will weaken the bulls.
- Resistance is at 5 Week High EMA - 5385
- DOW JONES EOD UPDATE