January 22, 2014

ES Ascending triangle and Range

  • Upper breakout from range and Ascending triangle means continuation of the larger trend.
  • For bears need price to break the rising support line and Range breakdown for a bigger fall to happen.
  • Upper breakout can target 1860 plus levels. Breakdown from the range may take price towards 1800 levels.

Falling Wedge of EURUSD

  • EURUSD Daily chart shows the Bullish falling wedge pattern.
  • One hour chart shows price moving in a channel towards the resistance line of the wedge. Price is likely to get resist at the resistance line followed by a small correction and a breakout in favor of bulls from the falling wedge pattern.
  • Hourly close above the cloud will confirm the breakout from the pattern.

BANK Nifty Chart update

  • Bank nifty managed to close above 23.6% Fib level But yet to cross the 50 Day SMA which is crucial.
  • Weekly chart shows price nearing the crucial weekly cloud which has been acting as resistance level in the recent past. Bulls must do a weekly cloud break for a bigger up move to happen.