ES Hits 2300

• Bullish move out of the range.
• Price moving towards the resistance line of the Rising wedge pattern discussed in the earlier post.

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ES chart analysis before opening bell

• ES 4 hour chart shows price getting resisted at range top.
• Bulls need to stay above 2294 levels for bigger up moves to follow.

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ES Chart analysis after closing bell

• Although the overall movement in daily time frame is Bullish there is a possible Rising wedge formation. One or 2 touches on the support and resistance lines will increase the effectiveness of the pattern.
• 4 hour chart shows the range continues to hold. Need a close outside this range for bigger movements to follow.
• 20 Day SMA Continues to prevent bearish moves on closing basis. So bears need a close below this line for bigger corrections to follow.

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