- Rising 50 Day SMA and Previous resistance level at 119.75 are immediate support levels.
- Price for now has taken support at 38.2% Fib level. More weakness when this level gets violated.
- Last chart shows the negative divergence which has led to this correction. Weekly divergence like this one usually results in bigger falls. Bears need to stay below 119 levels for bigger falls to follow.
- TESLA MOTORS WEEKEND UPDATE
- CRUDE OIL WEEKEND UPDATE
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WEEKLY CHART
DAILY CHART
- Tesla Motors is sustaining below the weekly cloud which is good news for Bears.
- For Bulls immediate level to defend is 185, But more crucial level to protect is 177 which is shown in weekly time frame.
- For next week below 185, 177 is possible. Bigger falls only if 177 goes on closing basis.
- CRUDE OIL WEEKEND UPDATE
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- Last chart shows weekly time frame. Weekly candles continue to be bearish. For next week if price sustains below 204 levels we may see 197 levels. Weekly chart also shows a perfect bearish reversal set up targeting 197 levels.
- For Bulls they need to stay above daily cloud and the rising trend line to avoid bigger falls.
- CRUDE OIL WEEKEND UPDATE
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- One hour chart shows strong down trend below the Ichimoku cloud.
- Price is nearing the Range bottom as shown in daily time frame
- Month chart shows price violation Last Month lows. Next target is the January month lows. Below 43 levels price can move towards levels which was seen last in 2008 and 2009
- GOLD WEEKEND UPDATE
- 3rd chart the daily time frame shows price dangerously close to recent swing lows.
- First chart shows a Bearish setup as price retested 100 Week SMA it got resisted their and getting ready to make new lows. If the Swing lows r not held 1050 levels are possible in gold.
- 2nd chart is the Hope chart for Gold Bulls. If the falling support line holds Another up move or bounce is possible in Gold.
- Weekly chart shows price moving towards 20 Week SMA. 20 Week sma is around 8546
- Daily chart shows price closing below 50 Day SMA. Next crucial moving average is 100 Day SMA. 100 SMA Was tested twice recently and saved bulls both times.
- Daily chart also shows number of engulfing patterns. Latest Bearish Engulfing looks perfect
- Month chart is also moving towards an Engulfing pattern. Price breaking and closing below 8470 will strengthen bears.
- ES 4 Hour chart got resisted at 200 period SMA.
- 2nd chart shows crucial support zone. Closing below this level may give bigger falls.
- Price yet to test the daily trend line. Bulls need the trend line to hold to avoid bigger falls.
