- ES Daily chart near Horizontal and falling resistance lines.
- Price also near 78.6% Fib level.
- Trading above 80% retrace level should give a complete reversal and fresh high's for ES.
- Unable to close the day's candle above 78.6% Fib level will be negative for bulls.
- FACEBOOK CHART UPDATE
December 12, 2012
- FACEBOOK Daily chart is doing a consolidation above the GAP in daily chart. Price holding above 26.68 levels should extend the current up move in facebook.
- Indicators are showing overbought readings in daily chart But price if stays above crucial support levels like 20 SMA and 26.68 levels should stop a bigger correction from happening.
- Falling back into the filled GAP area will be bearish for FB.
- S&P 500 ANALYSIS AFTER CLOSE
- NIFTY Shows weakness near Previous weekly high of 5944. This level is closer to the 78.6% Fib level and a possible resistance line shown in first chart.
- So multiple factors in weekly chart stopping bulls from moving ahead. Bulls need a weekly close above these levels for a bigger up move to happen. Weakness only on trading below 5838 and 5815 levels on daily closing basis.
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