- ES 4 Hour chart shows price trying to stay above previous resistance line. Bears hoping for a false breakout to play out. Price closing back into the pattern may favour bears for the day.
- 2585 and 50 Hour SMA are crucial support levels in one hour chart
November 7, 2017
- Rising wedge in hour is showing some hope for bears. Bears also need a close below 30 Minutes cloud to confirm weakness.
- Bulls need to Hold above 30 Minutes cloud to negate the bearish setup.
- The Hanging man candle lost its effectiveness yesterday when price did new high's. But today's price action so far looks good for bears. Bears though need a close below 10400 levels to confirm weakness.