August 23, 2016

  • Crude oil 4 hour chart shows previous resistance acting as support
  • One hour chart also shows support near 200 Hour SMA.
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  • 1335 is acting as strong support But this support is part of a descending triangle pattern so breakdown is possible if gets tested again.
  • The falling black resistance line must be held for the bearish pattern to stay valid.
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  • Crude oil 15 Minutes chart trying to trend below the cloud.
  • One hour has fallen below the cloud.
  • Next crucial level is 200 Hour SMA. Bigger down moves if this level is not held.
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  • 2nd chart is crucial, the one hour time frame shows several attempts by bears and bulls to move away from the range. Now bulls are making another attempt to break away from the range.
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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