June 3, 2015

ES Up trend and negative divergence


  • No weakness in up trend yet as price continues to stay above the support line shown in chart 1
  • chart 2 shows developing negative divergence With MACD.  This can give good results for bears only if the up trend line is broken.

EURUSD Chart update

  • EURUSD Daily time frame shows support at the cloud. Next crucial resistance level is the 200 SMA which is likely to be tested in a week or two. Although in a range this Pair is forming a basing formation which will do well if price can sustain above 200 SMA.

Nifty intraday update

  • Nifty is completing the right shoulder of the H&S pattern. Price is near crucial support zone. One hour chart shows breakdown below crucial levels. Right now price is testing another support zone in one hour chart.