August 23, 2015

CRUDE Oil weekend update

  • Crude oil month chart shows price moving towards the lows made in 2008 and 2009. Price has violated crucial support zone in daily chart staying below this level will take price towards the lows of 2008 and 2009. 
  • Crude bears will remain strong as long as price stays below the 4 Hour cloud. any hope of a reversal only if price moves above this cloud.

S&P 500 Futures weekend update

  • ES Weekly chart shows price closing below 50 Week SMA and price also testing the weekly cloud after a long gap. Oversold conditions may lead to a bounce or sideways movement at the cloud.
  • Bigger worry for bulls if the weekly cloud or the current support does not hold.