Stock Market Chart Analysis

April 1, 2011

First chart shows ES Hour breaking above a rectangle type of consolidation.
50 Hour moving average is near 1325 level. Staying above this level will favor bulls.
Till now the dips below 50 hour moving average has not helped bears at all. Bulls managed to buy the dips. Price has to sustain below 50 hour moving average for bears to get a meaningful correction.
ASCENDING TRIANGLE OF CRUDE OIL

Daily chart shows a confluence of resistance with price about to face a trend line and 61.8% Fib level around the same area. So this are need to be cleared convincingly by the bulls to continue the upward momentum. Getting stuck here may result in a meaningful correction.
Weekly chart too shows price near a resistance line which has stopped price from moving up earlier. Price has to clear this line on a closing basis for keeping the bullishness intact.
ASCENDING TRIANGLE OF CRUDE OIL

Crude Oil Four hour chart shows an ascending triangle type of consolidation. This is a bullish consolidation formation.
Break and close above 107 may target 115 levels.
If support line gets broken Crude oil will be bearish in the short term.

ES Four hour chart is showing a gravestone Doji Candlestick pattern.
This is a bearish reversal pattern. Price has not able to go above the shadow of this candle yet.
But one good thing for the bulls is that the breakout happened yesterday is still valid.
Levels which should be broken by the bears are 1317 and 1313.