- ES one hour chart shows price trending up above the trend line.
- 30 Minutes chart shows price above the cloud which will help bulls to extend the up move. 30 Minutes also shows negative divergence with MACD indicator which may give a pullback.
- Daily chart shows price entering a resistance zone. Bulls need a daily close into this zone to confirm further bullishness.
- APPLE UPDATE
October 17, 2012
- APPLE's Hammer at 100 SMA has lead it to a possible resistance level near 655 levels.
- Price also near 38.2% Fibonacci level which may act as resistance.
- For apple bulls need to sustain above the hourly cloud for a bigger up move to happen. Price falling back into the cloud may resume the fall.
- APPLE OVERSOLD FORMS A HAMMER