- Crude oil triangle shown in a Previous Post has given a breakout in favor of crude oil bulls.
- Price is violating weekly cloud which is good for bulls of CL. Now bulls need a weekly close above the cloud.
- Another crucial level which Crude oil bulls must cross is the 200 Hour SMA. Failing which we might see a correction in favor of Crude oil bears.
August 16, 2012
- SINA Weekly chart shows resistance at 20 Week SMA OR Middle Bollinger band
- Daily chart too shows price testing Ichimoku cloud. So for bulls of SINA these two levels has to be broken on the upside on closing basis for a bigger move to happen.
- Getting resisted at these levels and falling below 50 Day SMA on closing basis will be negative for Sina Bulls.
- Month chart moving above 5 Month High EMA should keep the bulls interested. Bulls are also trying to sustain above the weekly resistance line.
- Cup and Handle pattern too is looking positive for bulls But there is no volume spike in daily chart which is not good for bullish moves. One has to confirm with a weekly close.
- Possible resistance at upper bollinger band which is near 5460 levels.
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