- ES 4 Hour chart shows price near crucial support zone of 2415.
- Daily too has a rising 50 Day SMA as support. Break of these two levels may lead to bigger correction.
- Weekly shows negative divergence. This can either work well for bears with good correction or price may start to move sideways followed by an upper breakout. I am expecting a correction if price start to trade below 2400 levels Targeting 2315 levels.
- ES testing resistance zone 2400 level.
- 2375 and 20 Day sma are immediate support levels. Bulls need to keep price above 20 Day SMA. Closing below this level may start a down swing.
-->
- ES Daily chart testing the High's. Weakness only if price falls below 2375 levels. Closing below 20 Day SMA will also help ES bears with a correction.
- Bulls may continue the up run, in the same way the Double top possibility too exist. Bears may make a comeback below 2375, Bulls remain strong if price does not close below this level.
- GOLD Trend update
-->
- ES Month chart continues to look good for Bears. If closes like this or lower could lead to a Pause or correction in the following months.
- Daily chart is testing 50 Day SMA. Closing below this line can lead to further weakness.
- Immediate resistance zone is shown in 4 hour chart. Bulls need to close above this zone for further up moves to follow.
-->
- ES Bulls managed to close above the triangle.
- 2nd chart shows possibility of a bigger up move if crosses 2400.
- Bulls need to stay above 2376 to keep the upward momentum intact.
-->
- 4 Hour time frame shows price Falling from the Shooting Star. Price testing 100 Period SMA, A crucial support line for Bulls to hold above.
- Weekly chart shows negative price action This was preceded by a Weekly candle with long upper shadow. But its early days to talk about the week, Bears need a weekly close at the current levels or lower to confirm bigger weakness.
- Day is near 20 Day SMA. This line has acted as strong support recently.
-->
- ES 4 hour chart shows a bearish Shooting star or Inverted hammer candle.
- Bears should keep in Mind the Higher time frames like weekly chart. Week shows nothing for bears. The upper shadow of the current week candle must grow large before the end of the week to get bears interested again.
-->
- Price yet to hit the resistance line.
- 4 Hour chart shows price in a small range. Price may make new high's to hit the resistance line.
- 50 Period SMA acted as support. Bears need a close below this line to start correction in this time frame.
-->
- ES Daily shown with a possible rising wedge pattern. Price likely to hit the resistance line around 2370 plus levels approximately.
- Rising wedge mostly results in a breakdown in favour of bears.
- One hour cloud continues to offer strong support for bulls. Weakness in hourly only on closing below the cloud.
-->
- 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.
-->
- ES Falls to the range support zone around 2283 levels.
- One hour chart too shows 38.2% and 100 Hour SMA as immediate support levels. These levels should be held by ES bulls to avoid bigger weakness.
-->
- Falling price was stopped at the Triangle resistance line.
- Now 2272 and 20 Day SMA are crucial numbers for bears to close below.
- Many bulls got in after the Triangle breakout and above 2278 So If that breakout and 2278 becomes invalid many bulls would panic which can result in bigger falls.
- For that Scenario bears need to close below 2272 and 20 Day SMA till then Bulls are safe.
- GOLD Chart update
-->
- ES weakness at the top of 4 Hour time frame after a bearish looking candle.
- 15 Minutes chart is staying below the cloud which can extend weakness further.
- immediate levels to watch out for strength and weakness are 2289 and 2295.
- As always one should remember this weakness is a risky play since its against the prevailing bullish trend any time weakness can vanish. So watch out for the levels. Blow 2289 the weakness could extend towards 2280. Above 2295 new highs are possible.
- GOLD Bearish price action
-->
- Second chart shows the triangle breakout and the strong follow up price action. For now a retest towards 2278 levels will be fine for bulls to resume the Up move. Weakness will be seen if price falls back below 2278 and back into the triangle pattern
- First chart shows the strong trend in place in 15 Minutes time frame. This Move is safe till it stays above the cloud.
- TESLA Monthly Tops and Weekly resistance line
-->
- ES Triangle contraction has resolved in favour of Bulls at least for now. Bulls are testing the swing high around 2278. Need to sustain above this zone or else weakness will resume to take price back towards the pattern again.
- FTSE 100, UK Index Technical analysis
-->
