Stock market technical analysis: This needs to happen for bulls to regain control | Forexlive
ES technical analysis: Bulls vs. bears ⚖️ but bears have the ball till this changes…
Price must re-enter the broken bear flag for bulls to regain control
ES chart showing price is still below broken bear flag
The S&P 500 E-mini Futures (ES1!) have been exhibiting some intriguing price movements on the 4-hour chart. Let’s dive into the technical analysis to understand the potential scenarios and key levels to watch for traders and investors. 📉📈
Key Highlights:
Key Levels to Watch:
-
Resistance Levels 🚧
- 5270: The bottom of the pitchfork, acting as immediate resistance.
- 5300 or just above: The broken bear flag level, crucial for bulls to overcome to regain control.
Bulls’ Roadmap 🐂:
- Re-enter and maintain the price within the upward purple channel.
- Break above the 5,325 zone to invalidate the bear flag breakdown.
Bears’ Strategy 🐻:
- Hold the price below the 5,315 resistance zone.
- Wait for a retest of the purple bear flag
- Conclusion:
The battle between bulls and bears continues as we observe these critical technical levels. Traders and investors should keep a close eye on the price action around the support and resistance zones to gauge the next potential move in the S&P 500 E-mini Futures. Stay tuned and trade wisely! 🚀🔍
Happy Trading! 🎯