March 4, 2016

CRUDE Oil Weekly Busted pattern

  • Crude oil weekly chart shows a possible busted falling wedge pattern. Price made a false spike below the pattern. If price moves and closes above the falling resistance line of the pattern then a bigger up move is possible in crude. If sustains above the resistance line price may target 43+ levels.

GOLD Chart update

  • Gold testing its recent resistance zone at 1260 levels. 4 Hour looks like an Ascending triangle kind of pattern which is bullish. For bulls price need to stay above the cloud and the support line shown in 2nd chart for a bigger breakout to happen. Weakness only if price falls back below the cloud.