CRUDE Oil weekend update

• Bearish descending triangle in 4 hour chart has turned in favour of bulls for now.
• Daily chart is yet to give a clear breakout from the contraction triangle as shown in second chart.
• Equation is quite simple for crude bulls. Stay above 50 SMA on closing basis in daily time frame for bigger up moves to follow.

ES Chart analysis after closing bell

• Price moving in a narrow range as shown in 30 Minutes time frame.
• 4 Hour chart shows the small range within a Larger Ascending channel. If the support line of the channel is held then price is likely to remain sideways to bullish.
• Bears tried and failed 3 times to close below 50 Day SMA. If bears manage to close below this line then the channel support line will be tested.
• AMAZON.com Descending triangle and Bearish engulfing

Amazon.com Descending Triangle and Bearish Engulfing

• Amazon Hourly Descending triangle has resolved in favour of bears.
• Now day must stay below 1578 for bigger correction to follow.
• If day closes below 1578 it will add more strength for the Bearish engulfing in Daily time frame.
• AMAZON Intraday update