February 16, 2018

ES Chart Analysis after closing bell

  • We saw the Second long shadow at the 200 SMA and discussed the possibility of 2700 again But i was not expecting a complete reversal. Its not yet a complete reversal, Week need to close above 2760 for bulls to confirm strength in Weekly time frame. Today's close being a weekly one is crucial for Both bulls and bears. 
  • Fall below 2689 may trigger a correction today. Staying above the hourly trend line will continue to favour bulls to extend gains.
  • ES Hourly bullish "W" Pattern which worked well

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