- ES 4 Hour time frame shows the 200 Period SMA and the support line saving bulls from a bigger fall.
- Now price is testing the previous resistance line which is around 2281 for now. This level must be crossed for this bounce to extend towards all time high's again. As of now 2281 levels is acting as resistance.
February 1, 2017
- Nifty daily chart shows negative divergence with MACD Histogram. This is a risky setup for today as volatility is likely to increase because of the News.
- The extreme levels for the Day are 8672 on Top and 8461 and 20 Day SMA as support levels. If these levels are broken on closing basis bigger directional moves in that direction possible in the coming days.
- Week chart shows historic resistance near 8650 levels approx. So a weekly close above this level should give new highs for bulls. For bears its a daily close below 20 Day SMA.