March 24, 2015

  • Possible resistance levels for crude oil.
  • Crude oil bulls need to close above 50 SMA and the Daily Cloud to extend the bounce

  • Daily chart is moving towards 50 Day SMA and the Daily cloud.
  • The shadow in the Month candle shows good bounce for the pair. But to confirm support at these levels price need to close at the current levels or higher.
  • The shadow is likely to vanish if price get resisted at 50 sma OR Daily cloud.

  • Nifty inching towards 100 SMA.
  • Price for now is below 20 Week SMA.
  • Twice in the recent past 100 SMA was broken but bulls managed to come back. Now even if 100 SMA is gone the support lines shown in chart 3 must break for bigger falls to follow.

  • Crude oil is showing good bounce from the recent swing low. Price is moving towards daily cloud. 4 Hour chart is showing some resistance levels as it moves up. Crude oil bulls must cross these levels to extend the bounce towards the daily cloud.


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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."
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