Trading Analysis for Week 23, 3rd-7th June
By: The Potato Trader
Tags: Technical Analysis, Emini, Trading, Fibonacci, Charts

Sharing a couple of analysis on the Emini for the upcoming week. Markets have been falling the entire week, with a 38 point drop on Friday itself. That was the day it broke past the 200SMA AND closed below it as well. This should be a bearish sign in the mid-term. Monday will be an important day to see if markets will rebound back up the 200MA, if it continues to fall, most likely the bearish trend will continue with full force.

Last week D-Levels were not as strong, and I would like to think it was because of a generally lower volume than usual. But it could be because I didn’t draw it properly too. Practice makes perfect! Let us look at this week’s levels.

Monthly Trend Analysis: Not including any because nothing has changed. It is still a bullish trend on the monthly so first key support to note is 2539 and first key resistance to note is 3023. These levels probably won’t be breached but I will update accordingly on the next levels if they are.

Weekly Trend Analysis: Similarly, insignificant changes on the weekly so charts will be omitted. Weekly key support remains the same at 2575 and key resistance has shifted slightly down to 3148.

Daily Trend Analysis:

Trend: Bearish

Confluence Area: 2830.75–2839 (Average 2835)

As the daily candles have formed a lower low, I could plot another key point and have 4 fib nodes. There is a confluence area being form at around 2835, which should be interesting to watch this week, should markets retrace. I will definitely enter a position at this point if support proves to hold.

Key daily resistance remains the same as we have not pulled back in the week to form a lower high yet. we have breached COP at 2794.25, and currently really close to OP at 2732.50. It could very well reach XOP if momentum is strong, so good to note this key resistance at 2632.75.

4HR Trend Analysis:

Trend: Bearish

Key Support:

Confluence Area A: 2780.25–2784.75 (Average 2782.50)

Confluence Area B: 2805–2806.50 (Average 2805.75)

COP: 2741.50

OP: 2679.50

Going down the time frame, it gives us more points to plot, has a total for 5 key points and 10 fib nodes. The first key support to note is 2783 and strong support at 2806. I will enter a larger position size at 2806 since it proves good support for the previous candles as well. Current price is very close to COP, my guess is it will be breached on Monday itself. So noting the next level at 2680 is good for profit taking as well. I’m personally starting to love this chart when I do my weekly analysis because it’s long enough to show a good amount of the trend, yet not too short until a lot of unnecessary noise is in the charts.

1HR Trend Analysis:

Trend: Bearish

Support: 2768, 2776

Confluence Area: 2806

COP: 2720

OP: 2671.25

On the hourly charts, I feel the levels are not as important due to a lot of noise. But some of the key levels are mentioned in the caption above. Do note that the confluence area of 2806 is the same as confluence area B in the 4HR chart. This level is KEY. KEY GUYS. I’M GOING IN WITH A COUPLE OF CONTRACTS HERE. We shall see again lol, but my view on this level shouldn’t change within the week.

Good Luck trading and may you HUAT with me!