July 16, 2016

ES Weekend update

  • ES one hour and 4 Hour shows slight weakness But nothing like that is seen in weekly chart as price closes above resistance levels.

Nifty weekend update

  • Nifty week shows price moving towards a potential resistance zone in 8654. Daily chart too shows price at potential resistance line. MACD shows possible negative divergence developing But Price yet to show major weakness yet for Nifty bears. Only when price shows weakness Negative divergence will take effect to give a bigger correction.
  • For Bulls if price violates the daily resistance line chances are high for it to hit the Weekly target of 8654