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CHART-II
- Descending Triangle mentioned below has given a good trade for the bears. Low made was 1193. Price is still finding resistance at the resistance line of the triangle pattern.
- Even if price manages to break above the resistance line of the pattern, 1213 seems to be a tough resistance area for bulls to breakout.
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.
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