October 3, 2013

ES Descending triangle updated

  • Descending triangle shown below has given a breakdown in favor of bears. Weakness will persist as long as price stays below 1675 levels.

  • ES Hour chart shows a descending triangle pattern. Hourly close below the support zone shown in first chart may extend the fall.
  • Crucial resistance at 200 Hour SMA. Bulls need to sustain above 200 Hour SMA For a sustained up move to happen
  • TESLA Motors chart analysis

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