May 24, 2016

CRUDE Oil Chart update

  • Crude oil weekly chart testing crucial resistance zone near 49 - 51. Weekly chart also shows the cloud as resistance.
  • The falling wedge pattern is working in favour of bulls after a false move. Mostly these falls moves are followed by big gains in the opposite direction. Resistance levels for the current up move are 51 and 61 levels.

ES Range false breakdown

  • Range shown in second chart gave a false breakdown. First chart shows the false breakdown and the swift move in the opposite direction favouring es bulls.

Bank of America chart update

  • Bank of America daily stands below the falling 200 SMA. More weakness for the stock if price falls below 14.02 levels as shown in daily time frame.
  • Structure in weekly is doing a corrective up move for the big fall from 18 levels. Now despite this corrective up move the structure will remain bearish price stays below the rectangle shown in last chart.
  • Weekly resistance level is the golden ratio at 15.40.