December 16, 2011

ES Resistance line and Trend update

  • Price is near a resistance line in four hour time frame. This line has acted as stiff resistance so far.
  • Moving averages are showing a bearish setup. Price continue to sell off from 20 Period SMA.
  • If price manage to stay above the resistance line we may see an up move towards 50 SMA.
  • Bearish candles near the resistance line will lead to another fall.

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