CRUDE Oil resistance zone

• Crude oil daily and 4 hour chart shows price moving into a resistance zone.
• Crude bulls need a daily close above the resistance zone for bigger up moves to follow.

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ES Analysis before opening bell

• ES Daily chart shows  a possible rising wedge. 
• Price testing the resistance line now. If the resistance line stops the up move here then pattern will stay intact.
• Weakness only if price falls back below 2299 levels.

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NIFTY Chart update

• Nifty one hour cloud continues to give support. Price moved above the cloud at 8050 and yet to close below it for this time frame.
• Staying above 8727 another breakout above 8821 level is possible. Bigger weakness only if price starts to trade below hourly cloud.

ES Hits 2300

• Bullish move out of the range.
• Price moving towards the resistance line of the Rising wedge pattern discussed in the earlier post.

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ES chart analysis before opening bell

• ES 4 hour chart shows price getting resisted at range top.
• Bulls need to stay above 2294 levels for bigger up moves to follow.

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ES Chart analysis after closing bell

• Although the overall movement in daily time frame is Bullish there is a possible Rising wedge formation. One or 2 touches on the support and resistance lines will increase the effectiveness of the pattern.
• 4 hour chart shows the range continues to hold. Need a close outside this range for bigger movements to follow.
• 20 Day SMA Continues to prevent bearish moves on closing basis. So bears need a close below this line for bigger corrections to follow.

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Gold support and resistance levels

• Gold Hour chart shows strong support from the cloud.
• Price movement likely to be negative for bulls in hourly chart because of the resistance line.
• Bigger correction will not be possible as long as price stays above hourly cloud.

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