- Bulls has to protect the bottom that has formed in hour chart near the support line to avoid a bigger correction.
- CRUDE OIL TESTING MAJOR SUPPORT LINE
November 10, 2011
- Crude oil is about to test the broken support line of a channel in weekly time frame.
- This trend line may act as stiff resistance for crude oil.
- Daily chart is approaching Golden ratio for the fall from 114 levels.
- So these two levels may act as stiff resistance for crude oil in the short term.
- ES HOUR CHART ANALYSIS
- SPX has closed below 20 SMA Next in line is 50 SMA.
- There is a small support at 1215 level.
- Four hour chart shows the up trend line clearly violated. Break of the horizontal support line will turn the trend completely in favor of bears.
- Hour chart shows price at 200 Hour SMA.
- Support levels which are closer are unlikely to be held because of price momentum, It has to fall more. Breaking 1215 will lead to 50 SMA soon.
- COPPER TRIANGLE BREAKDOWN
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