September 12, 2011

ES Target for the Breakdown

CHART-II (UPDATED)
  • A rally towards the close of the day spoiled the channel of bears. Price went back to the earlier support line which was broken. For bulls price has to stay above this line for continuing this up move.
  • Falling 200 period SMA should rescue bears from taking a bigger hit.
CHART-I
  • ES Four hour chart
  • If bears manage to hold on to the Blue dotted narrow channel they should get at least 1103 before a meaningful bounce.
  • If price breaks out of the channel we may see a bounce but the down move will resume targeting the support line of the bigger channel.
  • GOLD SUPPORT AND RESISTANCE LINES

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