April 15, 2015

CRUDE Oil chart update

  • Crude oil shows bullish price action
  • Bulls need a daily close outside the range.
  • Bears had a violation below the range but they did not get a daily close and price came back into the range. So bulls need a close above the range.

ES at Resistance levels

  • ES daily and 4 hour at crucial resistance levels. Above the triangle resistance line the daily resistance levels will get tested. Unable to sustain above the falling resistance line may favour bears to keep price in this range.

TATA Steel Trend update

  • Signs of a real recovery and not a Dead cat bounce can be seen if price starts to stay above 50 Day SMA. 
  • For a trend change in daily chart needs price to break and stay above the cloud.
  • Weekly MACD Looks promising for Bulls, This set up needs price confirmation.