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A Pivotal Day for Both ES and Oil

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    This is shaping up to be a pivotal session in both ES (Emini S&P 500) and Oil. Let's notice that ES is bumping up against its month-long resistance line, now at 2100, which also represents the upper-boundary line of a developing Megaphone-type, potential, broadening-top formation. The ability of ES to hold and to hurdle 2100 will invalidate the broadening-top formation, and will argue for still-higher prices that will fully retest the May 2015 high at 2134. Conversely, a decline that

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