May 27, 2016

 
  • Crude hour is taking support at 200 Hour SMA. More strength in hour chart if price sustains above 50 Hour SMA. Bigger correction only if price breaks below 200 Hour SMA.
  • ES ASCENDING TRIANGLE BREAKOUT
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  • Hourly ascending triangle is looking good for bulls. But price need to cross the resistance levels of 4 hour time frame.
  • Price need to sustain above 2094 for a move towards 2105
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  • ES 4 Hour continues to trade below the resistance levels discussed from yesterday. One hour chart shows a bullish ascending triangle pattern. Bullish if price stays above 2094 levels. Weakness below the red support line. Bigger weakness below 2082 levels..
  • CRUDE OIL WEAKNESS @ RESISTANCE LINE
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  • The trend for Facebook remains strong as price continues to trade above all crucial moving averages. Price in daily chart is trading in a range between 115 and 121.  These ranges in an up trend usually resolves in favour of bulls but there is a GAP below 115 which is yet to be faded if price does not go through the resistance(121) soon then bears may come back to fade this GAP.
  • CRUDE OIL WEAKNESS @ RESISTANCE LINE
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  • Pattern rules suggest a 700 plus points target for the breakout. But it would be rare to see price go according to the rules.
  • Next crucial resistance is at 8336. If bulls sustain price above 7970 this level is likely to be achieved. Weakness if price falls back below 7970 levels on closing basis.
  • CRUDE OIL WEAKNESS @ RESISTANCE LINE
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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