- Crude oil is hitting or testing the resistance levels near 53.50, Price has made its way out of the triangle contraction and If it manages to sustain above the resistance line another bullish move is possible. Weakness starts again if price falls back into the pattern and 100 Period SMA Which is shown in the last chart.
- S&P 500 Futures chart analysis
January 23, 2017
- ES Range and Triangles shows price nearing support levels.
- For now price is also staying below 20 Day SMA. But bears has to do more as price is still inside the pattern.
- Taking support at the current levels will keep ES Range bound.
January 21, 2017
- Price action shows weakness at 20 Week sma.
- Daily chart shows possible support at the GAP and 200 Day SMA. Bigger weakness if these levels are not held.
- Last chart shows price testing cloud base in one hour time frame. Nifty bears need price to stay below the cloud for bigger correction to follow.
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