May 24, 2016

  • Crude oil weekly chart testing crucial resistance zone near 49 - 51. Weekly chart also shows the cloud as resistance.
  • The falling wedge pattern is working in favour of bulls after a false move. Mostly these falls moves are followed by big gains in the opposite direction. Resistance levels for the current up move are 51 and 61 levels.

  • Range shown in second chart gave a false breakdown. First chart shows the false breakdown and the swift move in the opposite direction favouring es bulls.

  • Bank of America daily stands below the falling 200 SMA. More weakness for the stock if price falls below 14.02 levels as shown in daily time frame.
  • Structure in weekly is doing a corrective up move for the big fall from 18 levels. Now despite this corrective up move the structure will remain bearish price stays below the rectangle shown in last chart.
  • Weekly resistance level is the golden ratio at 15.40.


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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