March 19, 2015

 
  • Crude oil daily chart did violate the recent swing low But bears were unable to close below the support zone.
  • Daily trend will remain down till price stays below the cloud.
  • Weekly trend can turn bullish only if it starts to trade above 54 levels till then its advantage crude bears.
  • ES CUP AND HANDLE PATTERN
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  • ES 4 hour chart shows price moving in a range. Price for now is in the bullish part of the range. 4 Hour chart also shows price above the cloud.
  • For bears there is hope as price is nearing a resistance line as shown in last chart. Since this line has worked well so far in daily time frame it may stop bulls from making bigger up moves.
  • ES CUP AND HANDLE PATTERN
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  • Price near major support levels like 20 week SMA and Rising up trend line. 
  • For bigger up moves to happen the levels shown with two bearish candles must be crossed. Two bearish candles suggest weakness near this level. Repeated failed attempts to close above this level may give hope for bears.



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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