May 21, 2013
- Crude oil four hour chart looks like an ascending triangle.
- Hour chart is trading above 50 Hour SMA. Crude oil bears need an hourly close below 50 Hour SMA and the up trend line shown in four hour chart for a breakdown to happen.
- Daily and Four hour chart also shows price testing crucial resistance lines.
- Nifty daily chart managed to form a bearish engulfing pattern. Price closed below 5 day High EMA and for bears there is also a negative divergence between price and RSI.
- For bulls though the up trend is still intact and the current price action is happening above crucial support levels. Supports shown in chart 2 are crucial for bears to make price week should close below 6000 levels. Sustaining above these levels will favor bulls to extend the rally.
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.