- 4 Hour chart shows a triangle pattern. Breakdown below the support line will be ideal for the pattern as the bigger time frames are trending in favour of bears. Upper breakout may be limited to the broken support line of the bearish pattern shown in chart 2.
August 25, 2016
- Crude bears is trying to form a bearish Dark cloud cover pattern in weekly time frame.
- Week closing below 46 levels can confirm bearishness.
- For now price near crucial support resistance zone of 46.60. Sustaining below this level may extend correction. Crude bulls need to stay above this level to negate the above mentioned bearish view.
- Nifty one hour chart shows price contraction. For bulls its easy as price is in a major up trend a daily close outside this pattern will extend the trend. For the bears need a close below 20 Day SMA and the support line drawn in last chart. Bears may gain strength on closing below this support line.
- S&P 500 FUTURES AT 20 DAY SMA
- ES daily testing 20 Day SMA. Recent tests of this moving average has favoured ES bulls. A Daily close below this line may turn things in favour of bears.
- 4 Hour chart looks weak But price is testing crucial support zone between 2165 - 2173. Price structure will favour bears only on closing below this zone.
- SILVER CHART ANALYSIS