June 21, 2013

CRUDE Oil chart analysis

  • 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

  • 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.