Saturday, March 03, 2007

ES To Challenge Last PRIME Support At 1380.75

If you refer to yesterday's review, I had mentioned the possibility of the upmove been done. ES PRICE did show us that it was done because in the Globex session, ES PRICE only managed a high of 1410.00 (I had mentioned to first look out for 1411.75 as the first Resistance level). From then on, it was downhill all the way, with the strongest pull back managing to only print 1405.25.
On the TREND Chart, we are still Bearish, as the night before's PRIME High of 1411.75 was a LOWER HIGH. Going into next week's trading, it'll be interesting to see if we do print a LOWER LOW, against the last PRIME Low of 1380.75 - Going into the close of last night's session, we are still heading down. Will have to see if a PPF of Support(Minor or PRIME) occurs next week...
Enjoy your weekend !

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