ES Price action analysis for 30 Mar 2020 trading plan
- 27 Mar 2020 - last hour sell off with big spread looks threatening. Yet, it still formed a higher low and within the H1 up channel. Expect a test of the bearish last hour bar during non-RTH on Monday. A break of the up channel and 2500 should send ES to test 2400-2450.
- Overall H1 structure - potential up thrust of 2550 level followed by a test (last hour bar on 27 Mar). Confirmation is via a break of 2500.
- Potential intraday setup during non-RTH - look for a test of the last hour bar followed by a reversal.
- Key levels - First support 2500, 2nd support 2400-2450, resistance at 2550-2600
- Commitment above 2600 will violate bearish scenario.
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