October 20, 2016

  • Weakness in 4 hour chart only if price starts to trade below the channel. 
  • Weekly chart is also testing crucial resistance zone. Crude bears need a bearish candle at this levels for a bigger correction to follow.
  • Things are simple for bulls they need to do a breakout for the weekly head and shoulders pattern .
  • S&P 500 Analysis after closing bell
  • First chart shows price contraction. Should result in a bigger up or down move from the apex of the pattern. 
  • Immediate resistance at 2140 zone and 100 Day SMA.
  • Support levels are between 2100 and 2120 zone.


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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