ES price outlook for week of CPI
ES1! The price outlook for week of CPI
High lights:
- Long term uptrend is still active
- Uptrend retracement from last week bounces Fib 0.5 due to divergence on 1H time frame
- Short term down trend (pullback) bounced around fib 0.5 area
- The price is consolidating critical res area of 5560 after extreme push upward movement after CPI report
Price outlook
Bullish case:
Upward movement will continue if price consolidates around 5550-65 area or holds and make correction above 5500. In this case PTs are
PT1 5585
PT2 5598-5600
PT3 5620
Ultimate target would be makes all time high at 5800
Bearish case:
Price retraces and break down critical level of 5500-5470 area
Downward PTs are
PT1 5450
PT2 5410
PT3 5370-5330
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.