July 2, 2015

ES Chart analysis

  • ES Weekly shows support at 50 week sma for now
  • Price is trying to move back above 200 Day SMA. Bulls need price to stay above this line
  • One hour chart too shows price moving above the cloud which is negative for bears.

Nifty Chart update

  • Nifty needs to sustain above the daily cloud and 100 SMA to sustain this upward momentum. Daily line chart shows price closing into a resistance zone. Important for bulls to stay above this to avoid a reversal.