November 11, 2014

CRUDE Oil chart analysis

  • 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.

S&P 500 Futures support and resistance levels

  • 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.