March 17, 2015

Copper previous resistance as support

  • Copper daily and 4 hour chart shows price testing previous resistance zone which has acted as support for some time now.
  • Last chart also shows price at crucial moving average. Staying above this will result in another up move.

ES Chart update

  • Price is moving around a crucial support resistance zone.
  • It is better to wait for price to move out of this consolidation range before taking a position.
  • Pattern or structure in 4 Hour looks to favour bulls for now.

CRUDE Oil Falls below recent swing low

  • Crude oil falls below the recent swing low. 
  • Daily range support zone is also violated.
  • No signs of bullishness in one hour time frame yet. One hour will continue to favour bears till it stays below the cloud.

NFLX Testing 200 SMA

  • 200 SMA and 50 Week SMA are crucial levels for bulls to protect.
  • On falling below the above mentioned levels price is likely to fade the GAP shown in last chart.
  • Bigger weakness on a daily close below 401 levels.

ES Chart update

  • ES bears needs the first two resistance levels to be strong to avoid a bigger bounce.
  • But as price sits above 200 period SMA its not looking good for bears. Bears need price to fall back below 200 SMA to start correction
  • Bulls need to move above the levels shown in first two charts for bigger up moves to follow.
  • NFLX Chart Analysis