- Price moving in a broad range of about 600 points. Recent low of 8612 is crucial. Falling below it may take price towards the Lower end of the range. Bulls may get a bounce if price does not violate the above mentioned level.
- 20 Week SMA and Daily cloud are crucial for bulls to protect. Closing below these levels should result in bigger falls.
- Symmetry of the 4 Hour pattern suggests a possible upper breakout. At the same time break of the rising line may change it in favour of bears.
- Price continues to move within the cloud. Closing outside the cloud may give clue for the next direction.
- Price is near a crucial support resistance zone.
- Copper daily and 4 hour chart shows price testing previous resistance zone which has acted as support for some time now.
- Last chart also shows price at crucial moving average. Staying above this will result in another up move.
- Price is moving around a crucial support resistance zone.
- It is better to wait for price to move out of this consolidation range before taking a position.
- Pattern or structure in 4 Hour looks to favour bulls for now.
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- Crude oil falls below the recent swing low.
- Daily range support zone is also violated.
- No signs of bullishness in one hour time frame yet. One hour will continue to favour bears till it stays below the cloud.
- 200 SMA and 50 Week SMA are crucial levels for bulls to protect.
- On falling below the above mentioned levels price is likely to fade the GAP shown in last chart.
- Bigger weakness on a daily close below 401 levels.
- ES bears needs the first two resistance levels to be strong to avoid a bigger bounce.
- But as price sits above 200 period SMA its not looking good for bears. Bears need price to fall back below 200 SMA to start correction
- Bulls need to move above the levels shown in first two charts for bigger up moves to follow.
- NFLX Chart Analysis
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