Assessments / Blog

ES #F Still range bound

Yesterday we had a bar close at 2477.25 (Above 2475.50) but price pull backed immediately on the next bar and made a low of 2468 thereafter. The current bar is threatening to break the 2475.50 area, but Weakness is present at the moment with Selling pressure developing and the current up wave in progress has Negative delta volume (aggressive selling). Again follow through is needed and a break of 2477.25 would probably lead to another new high. A bar close below 2465.50 and break of 2459.75 to the down side can lead to a larger sell off. This range bound price action can continue for several sessions and it is advisable to keep an eye on the breakout levels and watching Buying or Selling pressure for more decisive signs, before making a trading decision.


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