August 30, 2013

ES Bear Flag and support resistance levels

  • ES Hour chart shows a corrective up move which is forming a bear flag kind of pattern.
  • Crucial resistance here is the 200 Hour SMA. Closing above this level may favor bulls for a bigger up move.
  • Weakness near 200 Hour SMA may lead price towards the lows near the 50% retrace level shown in daily time frame. Bears will gains strength on closing below 50% Fib level.

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