- Facebook trying to stay above 50 Day SMA.
- Weekly candle continue to look weak. Bears will be stronger if price starts to trade below 20 Week SMA. For now price is pausing at 20 Week SMA.
- So Bulls need to protect 50 SMA and 20 Week SMA to avoid a visit towards Range Bottom.
- FACEBOOK WEEKEND UPDATE
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- As seen in the first chart the Negative divergence in weekly chart continues to exist without any major corrections. Correction happening right now is just the weakness within the channel. Bigger correction only if the channel support line goes. If the channel sustains the bull market will remain strong.
- For the very short term crucial levels to look for are 50 DaY SMA and 20 Week SMA for weekly time frame. Bigger weakness on a weekly close below 20 week SMA.
- CRUDE OIL CHART UPDATE
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- First chart shows price trying to stay above the recent range. Violation of this range by bears may lead to the up trend line shown in 3rd chart.
- 2nd chart shows price below 200 period SMA. Bounce from the current range may lead to a retest of the broken 200 SMA.
- Crude oil pause at the month chart may not last long.
- If daily continues to struggle near the cloud a breakdown below recent lows looks possible. Daily close below the lows may take crude oil towards the swing lows shown in Month chart.
- SPY Daily shows price nearing an up trend line.
- Price is also near Golden ratio and 100 Day SMA. So a pause or a bounce from these levels can be expected because of oversold conditions.
- Having said that when price re-enters a range after a false breakout the reverse move is usually swift and big so a bigger correction cannot be ruled out as well. We discussed the daily range in the Weekend update of SPY
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SPY WEEKEND UPDATE
WEEKLY CHART
DAILY CHART
MONTH CHART
- Weekly chart shows a falling support line or channel which may give a reversal.
- Daily chart is also shown with recent lows as support levels.
- If the daily and weekly channel does not hold then the Month Golden ratio will also be violated. This can take gold below 1100 levels.
- Gold bulls must protect the Channel support line shown in first chart to avoid bigger falls.
- ES 4 Hour chart shows price at 50% Fib level
- Last chart shows price testing a crucial support resistance zone. If this level is gone on closing basis more falls are likely. Bulls need to stay above this zone to avoid bigger falls.
- 2nd chart is shown with 200 SMA. All major falls recently has tested 200 SMA. Price likely to test 200 SMA This time too.
