January 12, 2015

Bank of america chart update

  • Bank of america testing crucial support zone
  • Closing below 100 Day SMA may result in bigger falls.
  • Bulls need to protect this zone with a bullish reversal candle here.

ES Chart update

  • ES 4 Hour chart continues to act as stiff resistance.
  • More weakness if Golden ratio is tested again. Staying above golden ratio an up move is possible towards the swing high in hourly chart.

NIFTY Chart analysis

  • Daily time frame in a contracting triangle pattern.
  • Weakness in daily chart only if price manage to close below 100 Day SMA again. 
  • Weekly up trend is also remaining strong as weekly candle managed to close above 20 week SMA.