- 50 levels is crucial for crude oil as can be see in the Monthly chart. 78.6% Fib level comes around 50 levels. Daily close below this level may extend the fall. Crude oil bulls need to hold above 50 levels to stop further correction.
- Daily and 4 Hour time frames continues to trend in favor of Crude oil bears.
- S&P 500 FUTURES CHART ANALYSIS
January 2, 2015
- Bank of america daily chart shows a bearish engulfing pattern. Pattern for now does not have volume spike.
- Weekly chart shows price testing the swing high near 18 levels. If weekly chart confirm weakness another dip towards the rising trend line is possible.
- After correction if the rising trend line holds a bigger breakout is possible from this weekly bullish pattern. In the very short term if 18 is not crossed it may give a correction.
- Weekly charts of tata steel is at a crucial support level. Price is testing the cloud and 50% Fib level. Usually stock bounces if it pauses near the cloud base.
- But one must be careful here as the daily trend is still down. 3rd chart shows a price range. Bulls need a breakout from the range. If price pauses near the upper resistance line the down trend may continue.
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