June 15, 2016

  • ES Weekly chart shows price unable to stay in the resistance zone.
  • Month chart too shows another failed attempt to stay above 2100 levels by bulls. The monthly bearish upper shadow is likely to form again provided bulls do not put up another up move which moves past 2100 levels again.
  • Hour chart shows a bounce. Bulls need to stay above 2072 and the hourly cloud for  a bigger bounce to follow.
  • Crude oil weekly chart shows a possible inverted hammer or shooting start which can give good gains for Crude oil bears. More confirmation with price action is needed to confirm the bearishness of the candle.
  • Next level of defence for crude bulls is between 47 and 47.50. One hour chart shows price trying to trend below the cloud. If price continues to stay below hourly cloud the support levels may not held and a bigger correction in crude oil prices is likely to be seen.


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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