August 23, 2015

  • Crude oil month chart shows price moving towards the lows made in 2008 and 2009. Price has violated crucial support zone in daily chart staying below this level will take price towards the lows of 2008 and 2009. 
  • Crude bears will remain strong as long as price stays below the 4 Hour cloud. any hope of a reversal only if price moves above this cloud.

  • ES Weekly chart shows price closing below 50 Week SMA and price also testing the weekly cloud after a long gap. Oversold conditions may lead to a bounce or sideways movement at the cloud.
  • Bigger worry for bulls if the weekly cloud or the current support does not hold.


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My Favourite Quote

"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