Crude oil month chart is trying to form a bullish formation. February Month candle confirmed a pause in selling as price came back to close near the candle high's. March Month though is closing well off the High's which is a worry for Crude bulls.
Weekly chart is trying to form a Pin Bar Kind of reversal formation pending confirmation from current week. Bears need current week candle to close near the lows to extend bearishness in to the coming week.
Daily chart continues to stay below 200 Day SMA which is a big worry for Crude bulls.
Crude oil month candle shows an upper shadow which suggests loss of momentum for bulls. Weakness also coincided with the presence of 200 SMA in daily chart. So bullish momentum will return only when and if price closes above 200 SMA.
Month chart shows a possible bullish month candle pending close. Price closing towards the higher end of the candle should extend this up move towards 50 levels in the short term. Day too needs to close above 200 SMA for this move to materialise.
ES 4 hour chart shows price testing the cloud. Cloud has acted as strong support so far. Daily chart too shows presence of 200 SMA around the same levels. So ES bears need to close below these levels for bigger correction to happen.
Crude oil bulls need to close above 200 Day SMA to extend this up move. Daily also shows price at golden ratio.
Weekly cloud looks like a stronger resistance. Even if price manage to stay above 200 SMA a bigger reversal may not be possible because of the weekly cloud.
Month chart shows the crucial event of price violating the Multi Year lows, But price managed to close back above 2008 lows. Daily chart shows price approaching 200 Day SMA. If crude bulls managed to close above 200 SMA a bigger up move is possible.
ES 4 hour chart shows price above the cloud. Bulls will remain strong if the cloud is protected. Second chart shows weakness near 200 Day SMA. Further weakness if price starts to trade below the levels shown in last chart.
Crude oil daily chart shows stiff resistance at 38 levels.
One hour and 4 hour chart shows support levels. 4 Hour cloud and 36 levels may save bulls from a bigger correction. Further Weakness if price closes below 4 hour cloud
Nifty bulls must move above the cloud and the falling resistance lie to avoid correction. Weakness may return if price starts to trade below 7400 levels.
Daily time frame is trying to show a V shaped reversal or bottom formation in crude oil. But price need to sustain above 38 levels and move above 200 Day SMA to confirm a bottom formation. Last 2 attempts at 200 SMA resulted in good gains for Bears.
4 Hour chart shows immediate support levels. Weakness below 1966 levels. Up trend of this time frame will be challenged if price falls below 4 hour cloud.
