- Rising Up trend line shown in second chart or the support line of the triangle should hold for bulls.
- Break down below the triangle will take ES towards 1150 levels.
- Bulls are hoping that the low on the Rising trend line acts as a major Higher Low which can keep the up trend going in Higher time frame.
November 4, 2011
- Click to enlarge the charts to read the description.
- Price is near Resistance levels. But it is also near 200 Day SMA which is a trend changing level. So one has to wait and see how price reacts here to take the next trade. If price reacts negatively from month High EMA a short trade is likely to give bigger profits.