October 4, 2012

ES Chart analysis

  • ES testing the contracting triangles resistance line.
  • Breakout can be confirmed only above the levels shown in 2nd chart. Horizontal resistance zone shown in yellow has to be taken out by bulls for a bigger up move to happen.
  • Daily staying above 20 Day SMA will favor bulls. Bears need to break and close below 20 SMA for a correction to happen.

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