July 12, 2016

  • Possible bullish pattern developing in weekly chart. Price trying to give shape for the right shoulder of an Inverted head and shoulders pattern. Its a 16 Points in length according to the rules of the pattern Successful breakout above 51 levels may take Crude oil towards 62 levels at least. That's the bigger picture Now for the short term Price has manged to close back above 45.84 levels which was a crucial support area. Having moved back above it price may move towards the falling resistance line drawn from 51 levels.
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  • ES Week and Month chart shows price moving above resistance zone. First hurdle for bulls is to close the week above this resistance zone. Then the month close has to happen before that price could either move far away from the resistance zone Or leave another month candle with bearish upper shadow.

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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