Nifty Future Analysis based on Hourly Chart

Indian Markets closed up today following global cues. Nifty Future broke an important trend line upwards and it looks like bulls want to charge through.
Here is my analysis of Nifty Future based on Hourly Chart:


Looking at the above chart, I have following to say:

1. The Downtrend Line that was acting as good resistance so far was conquered yesterday and acted as support after that.
2. The uptrend line that was broken few days back, can act as resistance now (look at today's close). Nifty Future could not manage to close above it today.
3. The Fibonacci resistance of 61.8% retracement of previous fall was also taken out today by strong looking bulls.
4. EMA sequence is looking mixed with Nifty Future closing above 200 SMA and 34 EMA above 55 EMA. Also, these three MAs are closer and a big move either side can be expected.

The above points clearly show that now bulls have upper hand. If Nifty future manages to get past the previous (broken) uptrend line, there can be some good upside. Bulls need to use full force to get past this area. Having said this, we should keep in mind that still the primary trend (intermediate) is bearish and this upmove may be only for short term.