March 25, 2013

Range breakout and reversal CRUDE Oil

  • 15 Minutes chart shows range breakout and the entire up move getting reversed.
  • For bears of crude oil price has to close below 50 SMA which will confirm the weakness at higher levels.

ES Breakout failure

  • Breakout failures often give good trades on the opposite side.
  • In this case price closing below 100 Period and the Diamond support line may give a bigger down move.
  • Holding above 100 period SMA may stop a bigger fall from happening.

EURUSD Chart analysis

  • EURUSD 4 Hour chart shows price unable to sustain above the 4 Hour cloud.
  • Daily chart is also looking weak as price moves below 20 and 200 Day SMA.
  • Further weakness below 1.2844. Strength above 1.3049

CRUDE OIL Chart update

  • Crude oil 50 Day SMA is getting tested. Crude oil bulls need a daily close above this line.
  • Price is near previous support level of 94.97 - 95.25. 
  • Price is also at the Golden ratio. 
  • Bulls has to close above these resistance levels to extend this pullback. Weakness at the current levels may lead to a retest of the recent low again.

ES Diamond pattern update

  • ES 4 Hour chart shows diamond breakout.
  • One hour chart shows crucial support and resistance lines.
  • Last chart shows 30 Minutes cloud. Price sustaining above the cloud may lead to a continuation of the current up move.
  • Bears should now hope for a busted Diamond pattern.

NIFTY Chart analysis

  • Nifty near 200 Day SMA. There are positive divergences in both hourly and Daily charts which needs confirmation. 
  • If 200 SMA fails to hold on closing basis then the channel shown in second chart may play out.
  • Last chart shows Weekly lower bollinger band and 50 Week SMA.