ES Support and Resistance lines

• 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 chart update

 

• 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.

Reliance industries chart analysis

 

• 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.