October 5, 2016

  • ES continues to stay below 50 Day SMA and above 100 Day SMA. So price is stuck between these two crucial moving averages. Daily close outside this contraction may give bigger direction for ES 
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  • Crude oil testing crucial resistance zone of the inverted head and shoulders pattern.
  • One hour chart shows price above support line and 50 Hour SMA. Weakness will be visible if price falls below these levels. Crude oil bulls need price to stay above this level for a bigger breakout to follow.
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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