July 13, 2012
- ES One hour moving into resistance levels.
- Hourly cloud and resistance line should favor bears for a pullback.
- Four hour chart shows price getting support near 200 period SMA. If the resistance line of the channel is unbreakable we should see a bigger fall below 200 period SMA.
- Bulls need a channel breakout for a long trade towards 1355 levels again.
- If the Rising wedge performs well it may lead to a diamond pattern which should give a correction towards the support line of the diamond pattern.
- If the wedge fails to perform Diamond may not happen or we have to redraw the pattern.
- For bears they need to stay below 20 SMA and the GAP area shown in above charts.
- INFOSYS CHART UPDATE