April 13, 2015


  • ES 4 Hour near resistance levels. Bulls need a breakout above these levels to extend the up move or else another correction towards the Range bottom can happen. 



 
  • Crude oil 4 Hour chart is trying to break above the bullish pattern
  • Daily chart shows price yet to reach the main resistance zone.
  • The rising support line and the 100 SMA are crucial for this bullish attempt. Crude oil bears need price to fall back below these two levels.



 
  • Previous swing low in Weekly chart around 793 saved Reliance bulls from bigger correction.
  • Daily chart shows price trying to move out of the bearish falling channel.
  • Having said that price is moving towards major resistance levels like 200 SMA and previous broken support levels which may act as resistance.
  • So reliance needs to cross 200 SMA and the above mentioned price level for a major trend change to happen.


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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