JOIN OUR MAILING LIST |
Assessments / Blog 2017-03-17 Sideways and absorption? The ES continuous contract is trading sideways at the moment. The Delta volume oscillator suggest that net buying took place on the current down bar. There was also a long Smart money bar 5 bars back, which normally leads to a turnaround or pullback / reversal within 7 bars. The Volume Simplified oscillator shows buying pressure developing. The current down wave in progress drew out 1.27 million contracts and price moved only 15.25 points, compared to the previous 3 down waves which all drew much less volume with more or less the same or more price movement. This looks like the selling is absorbed by the buying, which is a bullish sign and can lead to another up move again. Keep in mind the wave is not completed and the picture can change. A close below 2362 can change the picture to bearish. Our upside targets is 2401 and 2419. RISK DISCLOSURE: The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading. Trading Forex, Stocks and Options, Futures and any Commodity or ETF contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. MCTrading has taken reasonable measures to ensure the accuracy of the information contained herein and on this website, however MCTrading does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or from an inability to access such information or any delay in or failure of the transmission or receipt of any instruction or notification in connection therewith. |