February 9, 2017

ES Chart analysis after closing bell

  • Although the overall movement in daily time frame is Bullish there is a possible Rising wedge formation. One or 2 touches on the support and resistance lines will increase the effectiveness of the pattern.
  • 4 hour chart shows the range continues to hold. Need a close outside this range for bigger movements to follow.
  • 20 Day SMA Continues to prevent bearish moves on closing basis. So bears need a close below this line for bigger corrections to follow.

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