- ES Falls below the 100 period SMA of four hour time frame which has held so far on closing basis. Now a close below this level may give an extended fall.
- For now the 23.6% Fib level is trying to prevent a bigger fall from happening. Sustaining below this level could give a fall towards 38.2% Fib level.
April 3, 2013
- ES Falling from the resistance line discussed in yesterday's post. Resistance line in 4 Hour chart has worked well so far.
- Now 4 Hour chart also shows support in a dotted up trend line. Below this line price may test 100 period SMA.
- IWM CHART ANALYSIS
- SILVER Daily chart shows price continues to create new lows.
- Weekly chart shows approaching support zone between 26.02 - 26.75.
- Monthly chart shows the same support zone shown in weekly chart and the Golden ratio for 8 - 49 levels which is also a support level which may get tested if there is a big fall.
- ES SUPPORT AND RESISTANCE LEVELS