August 15, 2016

  • Crude oil weekly reversal continues in favour of weekly bulls
  • Daily is testing 50 Day SMA. Bulls need a daily close above this line to extend this up move.

  • ES 4 hour continues to stay below the resistance line discussed last week. 2nd chart also shows a rising support line making a price contraction which may result in bigger moves either side.
  • Immediate support levels shown in one hour chart are 2175 and 216 levels.


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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