- Crude oil Daily chart is shown with a consolidation pattern after an up move. So this can be a bullish consolidation pattern. But it is also shaping like a Descending Triangle which is bearish. With the bearish weekly candle at the top short term can be negative for crude oil.
- Important support level is between 94 - 95. Breaking and daily candle closing below this level may lead to a bigger correction. Bears need four hour time frame to sustain below the cloud which may result in a fall.
- SPX BOUNCES FROM GOLDEN RATIO
- SPX Daily is reversing from golden ratio Indicators too were in oversold territory.
- If price sustains above 1185 - 1190 levels it may target 1215 - 1220 levels in the coming days.
- ES Four hour chart with 50 period SMA and 38.2% Fib level as resistance areas. Crossing this level will strengthen bulls further. Getting resisted here may result in a pull back towards 20 period SMA shown in first chart.
- SPX WEEKEND UPDATE
- APPLE WEEKEND UPDATE
- Copper is moving up towards the resistance line.
- Four hour chart also shows 200 period SMA which may act as resistance.
- Bigger up move can only happen if price takes out the above mentioned levels.
- See copper MCX chart below this post.
- If 4639 is protected and price moves up above 4750-70 level on closing basis we might see good up moves in favor of bulls.
- Price breaking below 4639 will resume the down move.
- S&P 500 FUTURES UPDATE
- Four hour chart shows price violating 20 period SMA. This time price action looks good for bulls. Hour chart also shows price above Ichimoku cloud.
- Four hour candle closing near the High will confirm this bullishness.
- SPX WEEKEND UPDATE
