February 12, 2016

CRUDE Oil Hour Day and Month charts

  • Crude one hour chart shows price below a falling resistance line. 
  • Daily chart is shown with a possible reversal candle pending daily close. A daily close at the current levels or higher may result in a bounce.
  • Month chart shows price action happening below Multi-year support zone. Staying below this Crude bulls will remain strong.

ES testing the Lows

  • Price testing recent lows. Weekly chart seen testing crucial support zone. Bears need a weekly close to confirm breakdown from the Topping pattern. Bulls need to hold above this zone for a bounce which is likely to keep price within the bearish topping pattern.