CRUDE Oil bounce analysed

• Weekly chart shows the bounce of crude oil loosing strength even before reaching 23.6% Fib level.
• Daily chart shows price in a range
• Price continues to stay below daily cloud. More strength only if price is able to stay above the cloud.

S&P 500 Futures outside the Daily range

• ES Daily chart shows price above the Big rang.
• One hour chart shows previous resistance level acting as support. These levels must hold for bulls to gain more strength.
• Weakness if price falls back below the One hour cloud.