March 17, 2014

ES Resistance levels

  • ES One hour chart shows confluence of resistance at falling resistance line and 200 Hour SMA.
  • 4 Hour chart too shows resistance at the cloud. Weakness here may give shorting opportunity.

Bank Nifty chart analysis

  • Bank nifty daily is in a range of about 450 points. Price is also struggling to cross the recent swing high and 78.6% Fib level. So for bulls need a daily close above these levels for a bigger up move.
  • Price closing below 11800 levels may start a correction.