BULL CASE FOR ES. WEEKLY OPENING STRATEGY AND BIAS
Bullish scenarios:
1. Slight pullback to the weekly pivot before resuming uptrend. If it breaks a new weekly high at the red resistance line with for then watch for a close of 2875 tp 2885 range. Careful of a triple top drop at red line.
2. Pullback to 20 Period EMA or 50 day SMA. If support holds at the 50 SMA then look for a resumption of the uptrend per point number 1 above. If trend fails to hold the 50 SMA, the look for shorting opportunities. A good short on a retrace to the 50 may present a good entry with target price at the 9 or 20 EMA orange and black dotted lines).
With the purple rising wedge expect some minor or maybe moderate pullback, before the uptrend resumes.
**** Bottomline****
Keep an eye on the 50 SMA. If it holds the look for EOD close 2875-2885. If it breaks look for a shorting opportunity.
Overall set favors Bulls.
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.