August 16, 2016

 
 
  • Crude oil daily testing 50 Day SMA.
  • Trend in one hour continues to favour crude oil bulls. Weakness if price starts to trade below the channel and 50 Hour SMA. Price falling below 50 Hour SMA can confirm weakness in Daily time frame as well.
  • Crude bulls need candle to close above 50 Day SMA to keep the trend intact.
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  • ES 4 hour chart shows a failed breakout attempt of the contraction pattern. Bulls need another attempt for  a bigger up move to follow. Weakness sets in if price starts to trade below 2180 and 2175 levels.
  • CRUDE OIL TESTING 50 DAY SM
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"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