April 19, 2012
- Price managed to trade above the flag's resistance line but could not make a bullish close.
- Price tested 50 Day SMA too But could not close above it.
- If price does not close above 50 SMA Soon we may see a correction towards the lower end of the range.
- Bollinger band shows band contraction which should lead to a breakout soon.
- 50 Day SMA at 5337.
- ES one hour chart shows a Cup and Handle like price action which is a bullish pattern.
- One hour chart also has done a bullish cross of 50 above 200 Hour SMA.
- But the bigger time frame four hour chart has a bearish cross. For the bearishness to be negated price need to sustain above crucial moving averages. otherwise the larger time frame is likely to win after a small bounce.