April 23, 2013

ES Hour chart analysis

  • ES one hour chart shows price approaching 200 Hour SMA Which is a possible resistance area.
  • Price is also nearing 50% Fib level as shown in four hour chart. Sustaining above these levels this up move will extend.
  • For resuming the down move bears must break below the Hourly cloud shown in last chart. For now hourly cloud is giving support.

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