March 29, 2011

ES Broadening patterns

  • ES Hour chart with broadening patterns.
  • First one gave an upside breakout. 
  • The current pattern will favor bulls if price starts to trade above 1317.50 level.
  • The resistance line may not get cleared at one go. As in the first pattern look for a hit on the upper resistance line followed by a partial decline for going long.

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