ES Flirting With the 53.6 Fib Retrace.
ES seemed to be heading back towards the 23.6 Fib retrace level after breaking it briefly before putting in a new YTD LOW.
It's interesting to point out that the DAILY chart on Oct 5 and Oct 6 actually tested the trend line of the low from March 23,2020.
The DAILY candle for today Oct 18, 2020 is a pretty "bearish" signal even though the previous candle is a pretty strong bullish candle. I expect if buyers come in on good earnings reports, we could see the 23.6 Fib (3808.50) level tested. and if broken I would expect 3845 would be tough resistance.
To the downside, 3724 area provided some pretty tough resistance so thats not a terrible target for shorts.
It's interesting to point out that the DAILY chart on Oct 5 and Oct 6 actually tested the trend line of the low from March 23,2020.
The DAILY candle for today Oct 18, 2020 is a pretty "bearish" signal even though the previous candle is a pretty strong bullish candle. I expect if buyers come in on good earnings reports, we could see the 23.6 Fib (3808.50) level tested. and if broken I would expect 3845 would be tough resistance.
To the downside, 3724 area provided some pretty tough resistance so thats not a terrible target for shorts.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.