October 25, 2013

ES Ascending triangle

  • Ascending triangle has given a breakout. Price managed to close above the resistance level after multiple failures. Bulls if holds above the resistance zone will be able to extend this up move further in the coming week.
  • 1st chart shows an ascending triangle in 30 Minutes time frame with failed breakouts. Price closing outside this pattern should give good direction. Ascending triangles mostly breakout on the upside.
  • 2nd chart shows strong support at 100 Hour sma which bears should break on closing basis. Breaking the resistance level will extend the primary trend.

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