- ES weekly chart shown with crucial support resistance zone at 2100 - 2110. Price for now is above this level. Bulls will remain strong as long as price stays above this level. Weekly close below 2100 May lead to bigger weakness.
- Daily chart for now is stuck between 50 and 100 Day SMA.
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- 4 Hour time frame continues to show a contraction pattern. Price yet to make a decisive move.
- Moving average lines in daily chart are crucial. Daily candle closing outside these lines may trigger a bigger directional move.
- GOLD BEARISH PRICE ACTION
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- Gold Month chart shows weakness near Month cloud.
- Weekly chart has broken down from the descending triangle.
- Next support level or target zone for this breakdown is near 1210.
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- ES continues to stay below 50 Day SMA and above 100 Day SMA. So price is stuck between these two crucial moving averages. Daily close outside this contraction may give bigger direction for ES
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- Crude oil testing crucial resistance zone of the inverted head and shoulders pattern.
- One hour chart shows price above support line and 50 Hour SMA. Weakness will be visible if price falls below these levels. Crude oil bulls need price to stay above this level for a bigger breakout to follow.
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- ES 4 hour chart shows price contraction. Breakout or breakdown from this pattern should takeout the Moving averages shown in daily time frame for bigger moves to follow.
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- Weekly chart shows crucial support zone around 1300 levels. Gold bears need price to stay below 1300 for bigger correction to follow.
- 4 Hour time frame is shown with 20 Period SMA. If price moves back and sustains above this line a Swing buy is possible in 4 hour time frame. For bears price need to stay below 1300 levels.
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