- Crude oil 50 Chart trying to stay above 50 Day SMA. Weakness returns only if price closes below 50 SMA.
- Weekly chart shows a contraction between the upper resistance zone of 50 - 51 and the rising support line. This contraction should lead to a bigger move soon.
- 4 Hour chart shows possible resistance zone.
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- Crude oil daily chart getting support at 50 Day SMA for now.
- Weekly bearish setup remains intact. The bearish inverted hammer is followed by another bearish candle.
- One hour cloud is getting tested. Price if remains below it may be followed by another wave of selling. If price manage to close above the cloud a bigger bounce from 50 SMA can be seen.
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- ES Weekly chart shows price unable to stay in the resistance zone.
- Month chart too shows another failed attempt to stay above 2100 levels by bulls. The monthly bearish upper shadow is likely to form again provided bulls do not put up another up move which moves past 2100 levels again.
- Hour chart shows a bounce. Bulls need to stay above 2072 and the hourly cloud for a bigger bounce to follow.
- CRUDE OIL BEARISH WEEKLY CANDLE
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- Crude oil weekly chart shows a possible inverted hammer or shooting start which can give good gains for Crude oil bears. More confirmation with price action is needed to confirm the bearishness of the candle.
- Next level of defence for crude bulls is between 47 and 47.50. One hour chart shows price trying to trend below the cloud. If price continues to stay below hourly cloud the support levels may not held and a bigger correction in crude oil prices is likely to be seen.
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- Bulls violated the 4 hour resistance zone but unable to sustain above it. Bears continue to test 2082 level which is the 23.6% Fib level as well. Bears need to break and sustain below this level for a bigger correction to follow.
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- ES one hour chart shows price contraction. Bigger move possible above 2102 - 2104 or a bearish move possible below 2084 levels.
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- Crude oil 4 hour shows price staying within the rising wedge. Price did violate the support line of the pattern but crude bulls for now has managed to keep price above the support line.
- Crude bulls need price to get back above 200 Hour SMA to avoid a bigger correction.
- Crude bears need price to close and sustain below 4 Hour cloud.
- SPY WEEKEND UPDATE
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