- MSFT Daily chart is near its 200 day moving average.
- Stock took support at its 200 dma, But an up move will be possible only if stock manages to break above the resistance line shown in the 2nd chart.
- Breaking below the 200 dma will favor bears of MSFT.
- SPY TRIANGLE PATTERN
- SPY Hour in a triangle formation.
- Today's morning GAP may get filled before we see the breakout from the pattern.
- Being a triangle its prone to false breakouts.
- Price has to take out 133.60 after an upside breakout or 130.60 after a downside break.
- ES Hour chart with fibonacci levels and 50 hour moving average.
- Price has closed above 50 hour moving average and the Ichimoku cloud which is positive for the bulls.
- If price breaks and sustains above the golden ratio(61.8%) we may see Es testing 1336 level again.
- CRUDE OIL HITS THE GOLDEN RATIO
- Crude oil weekly chart with the fall from 147.90 to 33.19 levels.
- Price has retraced till the Golden ratio(61.8%).
- For price to move up it should break this level. 78.6% is at 123 levels.
- Price should sustain above 61.8% for moving towards 123 levels. Getting resisted here will be negative for Crude Oil.
- ES Hour has given a bearish engulfing pattern.
- Price trading below and breaking 1296 will favor bears.
- Price above 1313.50 will negate the bearishness and will favor bulls.
- ES Hour is trending down below the cloud.
- Hour is showing a small bear flag pattern which can extend the gains for bears If the low 1296 gets violated again.
- Bulls can regain momentum only if they manage to break the cloud and close above it which may not be possible in the short term.
- Price closing below 5458 will be negative for the bulls.
- Price if sustains above 5530 it may target 5654.
- Weekly line chart shows no higher low formation yet. Such formation may give a sustained up move.
- CRUDE OIL HITS THE GOLDEN RATIO
