April 4, 2018

ES 50 Weekly chart | Daily with 200 SMA

  • ES Weekly chart shows Bulls trying to hold on to 50 Week SMA. Previous visits of price to this moving average resulted in Big reaction in favour of bulls. Right now bulls are trying to form a similar bullish candle But bulls need to do more to confirm a pause in correction.
  • Daily chart shows another candle with long shadow. If today's candle holds above 200 SMA bulls may be able to do a bounce. 
  • On the contrary a close back below 200 SMA may strengthen bears again.

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