- Crude oil weekly chart gives another fall from golden ratio.
- Daily chart shows price near 200 Day SMA and Testing Rising support line. Convincing break below 200 SMA will extend this fall.
- Taking support at 200 SMA should keep price in a range.
- ES CHART ANALYSIS
June 21, 2013
- ES Daily chart shows price trying to hold above 100 Day SMA.
- Price has fallen below the daily cloud on closing basis which will make it tougher for bulls to give bigger up moves.
- Last chart shows price pausing at the broken support line of the range.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- SPX Breaks crucial Trend line from 1343 levels.
- Price closed well below 50 Day SMA. Bulls are hoping for 100 Day SMA to act as support for a bounce.
- Price is likely to trade below the daily cloud which may favor bearish moves in the short term. If 100 Day SMA does not break a small bounce may happen which takes price back towards the daily cloud before the fall can resume again.
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