March 13, 2015

 
  • ES 4 Hour chart got resisted at 200 period SMA.
  • 2nd chart shows crucial support zone. Closing below this level may give bigger falls.
  • Price yet to test the daily trend line. Bulls need the trend line to hold to avoid bigger falls.



 
  • Crude oil one hour chart shows price trending down below the cloud
  • 4 Hour chart shows price broken below the support zone and moving towards range bottom.
  • Price likely to test the recent lows shown in daily chart. As the major trend is down new lows are possible soon.

 
  • ES 4 Hour chart retesting 200 period SMA.
  • Broken support line shown in chart 2 is also crucial for bulls to regain momentum.
  • Bears for now has to keep price below 200 Period SMA.



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"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