May 24, 2011

  • Break of bear flag targeting 1304 region. But 1310.75 may act as support.
  • ES Daily has stopped falling at the cloud. 
  • But 50 Day moving average will act as resistance on an up move.
  • Hour is showing a bearish continuation pattern. But Things may favor bulls if price manages to sustain above 50 hour moving average.
  • As discussed below price has reached the support line of the channel
  • Now if price does not break the support line we may see price moving up and filling the GAP.
  • Hour chart shows price moving in a channel with negative bias.
  • Price is near the resistance line, Unless a breakout happens price is likely to move down towards the support line of the channel.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore