April 16, 2015

CRUDE Oil chart update

  • Crude oil sustaining above the daily resistance zone will favor bulls of cl.
  • Next level to cross is the 23.6% Fib level shown in weekly chart.
  • One hour chart will continue to remain strong above the cloud.

ES Support and Resistance levels

  • ES 4 Hour chart shows price contraction. Likely to give a bigger move from the apex of the triangle.
  • One hour chart with 200 Hour SMA as crucial support for this time frame.

NIFTY Chart analysis

  • Nifty daily candle shows weakness. 
  • Daily RSI is not yet overbought. Recent signals of RSI were clearly from Overbought or Oversold levels. But this one looks different and needs more confirmation. First line of Defence for bulls is 50 Day SMA. So bears needs to close below this line to confirm bearishness.
  • CRUDE OIL Bullish breakout attempt