January 27, 2016

  • Crude oil 4 hour chart shows price near resistance zone between 32 and 33.
  • Weekly chart shows a wedge pattern which may have given a false breakdown. If price gets back into the weekly pattern there could be bigger up moves 



  • ES 4 hour trying to stay above the cloud.
  • 1 Hour chart shows a possible resistance line. Possible bigger bounce if price breaks and sustain above the resistance line.
UPDATED CHART FROM ABOVE

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  • 4 Hour chart approaching resistance area But price yet to show weakness. 
  • One hour time frame is showing a possible reversal Pin Bar candlestick. Further weakness on hour closing below 31.40 levels.


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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