- Daily chart shows price testing recent swing high.
- Most importantly Month candle is trying to move above 200 SMA. Crucial thing here is, Bulls need a good move away from 200 SMA otherwise price may fall back below the moving average line which will be very negative for crude bulls.
- ES bulls is doing a bullish engulfing from 200 Day SMA. Considering the place it has occurred this has to be treated as a strong signal. But as always candlestick patterns does need confirmation.
- Hourly chart shows price running into the cloud. More bullish signs if price manages to move above the hourly cloud. Bears hoping that price will find resistance at the cloud.
