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.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.