November 12, 2010

Descending Triangle of S&P 500

  • ES did move to 1200 But did not stop there. Instead it broke and made a low of 1193.
CHART-II
  • As discussed below the breakof upper boundary found resistance around 1213
  • ES will move towards 1200 now and may find support near that level.
CHART-I
  • ES has a descending triangle pattern that can give good direction.
  • Descending Triangles usually gives a breakdown of the support line.
  • But ES is showing good support at 1200 so this may again act as a support area.
  • If price breaks the resistance line of the triangle pattern than price should sustain above 1213 for making good up moves

No comments:

Post a Comment