January 22, 2016

  • Last chart shows bulls trying to stay above daily support zone
  • One hour chart with 200 Hour SMA Shows bulls trying to stay above the crucial moving average line.
  • 2nd chart shows immediate support and resistance levels.

  • ES Daily chart shows price moving around the crucial support resistance zone of 1860 - 1870. Bulls need price to sustain above this zone for a bigger bounce to happen.
  • Hourly chart shows a possible bullish Ascending triangle pattern But price need to break and sustain above 200 Hour SMA for this pattern to work well. Unable to close above 200 Hour SMA will strengthen bears further.


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My Favourite Quote

"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