CRUDE OIL Hits the Golden Ratio

• Crude oil weekly chart with the fall from 147.90 to 33.19 levels.
• Price has retraced till the Golden ratio(61.8%).
• For price to move up it should break this level. 78.6% is at 123 levels. 
• Price should sustain above 61.8% for moving towards 123 levels. Getting resisted here will be negative for Crude Oil.

ES Bearish engulfing pattern

• ES Hour has given a bearish engulfing pattern.
• Price trading below and breaking 1296 will favor bears.
• Price above 1313.50 will negate the bearishness and will favor bulls.

S&P 500 Before opening bell

• ES Hour is trending down below the cloud.
• Hour is showing a small bear flag pattern which can extend the gains for bears If the low 1296 gets violated again.
• Bulls can regain momentum only if they manage to break the cloud and close above it which may not be possible in the short term.

NIFTY line charts analysis

• Price closing below 5458 will be negative for the bulls.
• Price if sustains above 5530 it may target 5654.
• Weekly line chart shows no higher low formation yet. Such formation may give a sustained up move.
• CRUDE OIL HITS THE GOLDEN RATIO