November 11, 2014

 
  • Crude oil 4 hour chart shows price getting resisted at Ichimoku cloud.
  • Weekly chart is approaching crucial support zone near 74 - 77 levels. Bulls must see weekly candles with long shadows here as can be seen on the left side of the second chart for an up move to happen. Closing below this zone should take crude oil below 70.
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  • ES Daily chart shows a possible resistance line of a Megaphone pattern.
  • Hourly charts are yet to show weakness though. Weakness only if price starts to trade below the cloud. 


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore