- Trend in one hour continues to favour crude bulls.
- Weakness can only be confirmed if and when price starts to trade below hourly cloud.
August 18, 2016
- Diamond patterns suggest that price is contracting, volatility is reducing and a bigger directional move is possible in the short term. Its not possible to judge the direction out of the pattern. Bullowski talks about both Diamond tops and bottoms in his website. He also talks about Diamonds being trend continuation pattern. If you see this pattern price has entered the pattern from below and if price exits through the top this will act as a trend continuation pattern.
- Price is trying to hold above 200 Hour SMA another close below this moving average may result in bigger correction.
- TRIANGLE OF Reliance Industries
- Price managed to get back above the crucial moving average line 200 Hour SMA.
- One hour chart shows price pausing at Hourly cloud for now. Although price is stopping here the Quickness of the reversal is a concern for ES Bears. Look at the candle in 4 Hour time frame its almost a big engulfing pattern.
- 2183 - 84 are possible resistance levels. Above this new high's.