- Silver 4 hour chart shows an inverted head and shoulders pattern.
- Silver one hour chart shows price above 100 Hour SMA and Hourly cloud.
- Strength on price sustaining above 100 Hour SMA. Bullish pattern will be invalid or weaken on price falling below these levels.
- ES Hour chart shows price below 100 Hour SMA and Hourly cloud.
- Last chart shows Fib levels in one hour chart. Weakness on price falling below 38.2% Fib level. Strength above 23.6% Fib level.
- S&P 500 ANALYSIS AFTER CLOSING BELL
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- Crude oil has broken above the weekly resistance level of 100.40.
- Next resistance level for crude oil is around 103.70 which is the Triangle resistance line.
- SPX Daily chart shows the up move getting resisted at 50 Day SMA. Bulls need to close above this level to rise further.
- Price is also moving in a contraction triangle like pattern. Price movement will be limited or range bound till it remains in this pattern.
- Weekly MACD has a sell signal which will be effective only if price stays below 20 Week SMA. Bulls strong above the falling resistance line shown in last chart.
- Crude oil daily chart shows price moving above the resistance zone.
- This looks like an ascending triangle breakout.
- But weekly chart shows price nearing crucial resistance levels at 100.40 and the falling resistance line shown in last chart
