August 11, 2016

  • Crude oil 30 Minutes and one hour chart shows price trying to stay above 43.35 - 45 Levels which acted as resistance recently. Weakness in smaller time frames if price falls back below this level.
  • One hour chart shows a good up move from 200 Hour SMA.
  • 4 Hour chart shows the cloud of this time frame shown as crucial support for the reversal attempt.
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  • Previous range resistance is acting as support which is between 2167 - 2170. 
  • 4 Hour chart also shows resistance line which is at 2186 approx for today.
  • CRUDE OIL CHART UPDATE
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  • Crude oil 4 hour chart shows price trying to stay above the cloud. Crude bulls must stay above this cloud to keep the reversal pattern intact in Weekly time frame discussed earlier.
  • One hour chart also shows price moving around 200 Hour SMA. Crucial level to watch is 41.06 staying above which crude oil bulls are safe.
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  • 4 Hour chart shows a possible support line
  • One hour chart shows price holding on to 200 Hour SMA.
  • These two levels must go for a bigger fall to happen.
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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