August 20, 2013

 
 
  • Ford trying to stay above the rising up trend line.
  • Price need to close above the cloud and 50 Day SMA to confirm strength.

  • ES one hour chart shows resistance at 50 Hour SMA and Hourly cloud.
  • Daily chart shows price below crucial support zone and 50 Day SMA.
  • For ES bulls price has to get back above 50 Day SMA for a stronger pullback to happen.


  • Weekly up trend line and 20 Week SMA at 1640 will act as immediate support levels. Breaking below them price may fall towards 100 Day SMA at 1632
  • Resistance is seen at 1658 which is the broken 50 day SMA


 
  • ES Hour chart shows price getting resisted and is moving away from 50 Hour SMA. 
  • 30 Minutes chart shows price continues to break below support levels.
  • Daily chart shows price violating 38.2% Fib level. 
  • Strength in hour chart only if price able to get back above 50 Hour sma.




  • Price testing 50 Hour SMA.
  • Hourly up trend line and the One hour cloud shows the up trend is intact. Weakness in hour chart on trading below these levels.




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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore