January 13, 2015

ES Triangle

  • ES Four hour chart shows price contraction in a triangle like pattern. Closing outside the boundaries of this pattern may result in bigger moves.
  • 2nd chart shows support near golden ratio for es. More weakness if Golden ratio is taken out by bears on closing basis.

CRUDE Oil Target and Positive Divergence

  • Daily chart starts to show positive divergence. But price yet to confirm reversal.
  • Monthly chart shows possibility of price testing Multi-year lows around 33 levels.
  • For any reversal to be meaningful price must move above the cloud.

TATA Steel Death Cross update

  • Daily chart of Tata steel has a Death cross.
  • Weekly chart is testing crucial support levels.
  • An up move if happens will be limited to the channel resistance line shown in last chart. If price stays within the channel bigger breakdowns are possible in the coming weeks.