November 4, 2014

CRUDE Oil testing Month support zone

  • Crude oil continues to give bearish breakdowns as seen in daily chart. Descending triangle discussed in an earlier post has worked well for CL bears.
  • Right now price is testing crucial support zone as shown in Month Time frame. Price action for now looks bad for Bulls of crude oil.

ES Chart update

  • First two chart shows possible support levels in One hour time frame.
  • 4 Hour chart shown with a possible support line.
  • Bigger fall only if price closes below 100 Hour SMA and the Hourly cloud.

RELIANCE Industries Chart update

  • Resistance levels for reliance industries in daily chart.
  • Close above 1013 levels will strengthen reliance bulls further.