BULL CASE FOR ES. WEEKLY OPENING STRATEGY AND BIAS

25 apr 2020

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.