May 12, 2015

  • Crude oil triangle which was discussed yesterday has moved in favour of crude oil bulls. Now Bulls need a daily close above 200 SMA.
  • Price is yet to violate crucial support levels like 20 Day SMA or 4 Hour cloud.

  • Two weekly candles at 7960 amd 7997 levels looks almost like two pillars holding a building. Although this up move looks bullish the pattern that is forming is a possible bearish head and shoulders. If 8355 is taken out up move may target the Golden ratio for the entire fall from 9119 level and thus completing the HNS pattern. Its only a possibility.
  • Immediate resistance at 20 day sma and 8355 levels as shown in daily chart. Daily close above these levels will keep the bulls stronger.  


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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