February 24, 2015

CRUDE Oil bounce analysed

  • Weekly chart shows the bounce of crude oil loosing strength even before reaching 23.6% Fib level.
  • Daily chart shows price in a range
  • Price continues to stay below daily cloud. More strength only if price is able to stay above the cloud.

S&P 500 Futures outside the Daily range

  • ES Daily chart shows price above the Big rang.
  • One hour chart shows previous resistance level acting as support. These levels must hold for bulls to gain more strength.
  • Weakness if price falls back below the One hour cloud.