CHART - II
- Break of bear flag targeting 1304 region. But 1310.75 may act as support.
CHART - I
- ES Daily has stopped falling at the cloud.
- But 50 Day moving average will act as resistance on an up move.
- Hour is showing a bearish continuation pattern. But Things may favor bulls if price manages to sustain above 50 hour moving average.
- ES HITS THE CLOUD
CHART-II
- As discussed below price has reached the support line of the channel
- Now if price does not break the support line we may see price moving up and filling the GAP.
CHART-I
- Hour chart shows price moving in a channel with negative bias.
- Price is near the resistance line, Unless a breakout happens price is likely to move down towards the support line of the channel.
- ES is hitting the cloud in daily time frame.
- For moving down further price should break the cloud.
- Price is staying below 50 DMA which is good for bears.
- Bulls need to come back above 50 DMA for a turn around to happen. Price sustaining below 50 DMA will continue to favor bears
- Description is given in the chart please click the chart to enlarge.
- Nifty spot 15 Minutes chart with the morning GAP
- If 5417 is not broken today we may see the GAP getting filled completely.
- Below 5417 and 5400 Bears will be stronger and a breakdown towards 5350 is possible.
- See the marked area in chart which is the golden ratio which has been saving bulls for the past three weeks.
- Price has violated this level 3 times but was not able to close below it.
- If bears are to extend gains they have to close the week below this level.
- Daily chart shows price near the support level which is 12430.
- Price closing below this level will favor bears.
- Getting support here and breaking the resistance line shown in first chart can be used to go long.
- Price is near 50 DMA and this Moving average has given good support for bulls in the recent past as shown in the chart. So for moving down Bears should try to close price below 50 DMA.
- SPY WEEKEND UPDATE
