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Gains in ESH5 to continue near-term: BofA Merrill Lynch

BofA Merrill Lynch notes .... While ESH5 has reached its Double Bottom target at 2100, evidence says that these gains can continue. Yesterday's break of 2082.50 on strong breadth and volume completed a small Head and Sho…

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BofA Merrill Lynch notes ....

  • While ESH5 has reached its Double Bottom target at 2100, evidence says that these gains can continue. 

  • Yesterday's break of 2082.50 on strong breadth and volume completed a small Head and Shoulders Base, targeting the confluence of resistance between 2117.25 & 2136 and potentially beyond. 

  • Pullbacks should be limited to 2082.05, while a break of 2060.50 invalidates this bullish setup.

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