March 25, 2015
- Crude oil testing the broken support zone as shown in 4 hour time frame. This level may act as resistance.
- Hour is showing good up move above the cloud. Breaking below the cloud at this juncture may lead to a bigger correction.
- Bulls in daily chart is moving towards the daily cloud. Price is likely to target an area of cloud which looks thinner. If gets tested this level may not stop bulls from doing an upper breakout.
- ES Violated 200 Hour SMA.
- Price likely to test range bottom if hour closes lower.
- ES one hour chart shows price testing 200 Hour SMA. Bulls need to protect this line for an up move to happen.
- Price may move to the bottom of the range if the above mentioned levels are not held.
- COPPER RESISTANCE AT 200 SMA
- Daily candle looks like a reversal formation. Bulls missed a Gravestone Doji by few points. All these reversal formations needs follow up price action according to candlestick rules. So today has to be a bullish day to confirm a reversal. Other advantage for bulls is the presence of 100 SMA here. Bulls need to stay above 100 SMA to remain strong.
- 20 Week SMA is at 8569. Bulls need to stay above this to avoid bigger correction.
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