Crude oil weekly chart analysis

• Crude oil trying to stay above the slopping support line. CL Bull also trying to keep the falling wedge possibility alive. The reversal pattern will be effective if price stays above the falling support line.

ES Daily fib levels

• Daily testing 50% Fib level. Bulls if holds this level may give an intraday bounce back towards 2015 levels.

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S&P 500 Futures intraday update

• ES 4 hour chart shows price falling below recent swing low.
• 15 Minutes chart shows Ichimoku cloud as immediate resistance. For a bounce to happen price need to move above the cloud.

Nifty intraday update

• Nifty managed to stay above its crucial swing low of 7539. Bears can become strong again only if 7539 gets breached. 
• 30 Minutes chart shows bulls yet to gain strength as price continues to stay below the cloud
• Hour chart shows price below the falling trend line from 7972 levels. Strength for bulls only if price is able to sustain above 7700 levels.

S&P 500 Futures chart analysis

• ES Daily moving towards 2000 levels which is a crucial support resistance zone as shown in first chart.
• price has fallen below 50 Day SMA. More weakness only if price sustains below 2000 levels.

Falling wedge of crude oil

• Crude oil weekly time frame shows a possible falling wedge pattern. I say possible because the falling support line does not look strong to me. If the falling support line shown in weekly time frame holds the pattern will stay intact. Its a bullish reversal pattern.
• Month Time frame is yet to show any reversal or bottom formation. Price action suggests price could go down as low as 32 levels before a bounce can happen.

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Crude oil support levels

• Crude oil is testing its recent swing low. If this level is not held price may target the falling support line shown in weekly time frame. The multi year lows shown in month time frame is also a possibility if price does not hold above the recent swing lows.