January 19, 2015

CRUDE Oil chart update

  • Crude oil bulls trying to form a base. Daily chart shows positive divergence. For crude oil bulls price need to stay above the cloud and 20 Day SMA For a bigger bounce to happen.
  • Black up trend line shown in first chart is crucial. Weakness if price starts to trade below this line.

ES 200 SMA Analysis

  • ES 200 Hour SMA acting as immediate resistance.
  • Daily 200 SMA is acting as support so far. Although price closed below this line, Bears for now seems to have lost momentum
  • Support zone shown in 4 Hour chart continues to be crucial. Staying above this level may give an up move.

GOLD Chart update

  • Gold extending its gain above 200 SMA.
  • Weekly chart shows positive divergence.
  • Next Crucial resistance on weekly chart is the cloud. Weekly close above the cloud may give an extended up move for gold.