February 3, 2016

  • 4 Hour chart shows a possible falling broadening wedge. This can be a bullish reversal pattern bulls need to break and sustain above 34.81 levels for this pattern to start working.
  • First chart shows immediate support and resistance levels.


 
  • Crude oil 15 Minutes continues to trend in favour of bears. But 4 Hour chart shows price testing crucial support zone at 29.25. If this holds there could be a bounce towards 32 levels again. 

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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