- Month chart shows a bearish formation taking place provided the current month candle closes at the current levels or lower. Bearish month candle would confirm a bearish Evening star like formation which can extend the fall in crude oil.
- The correction may be forming a right should of an Inverted head and shoulders pattern in weekly time frame. If the correction is limited 37 and 38 levels a Bullish pattern is possible in weekly chart.
- Daily has fallen below 100 SMA, If price sustains below this line quicker falls are likely. Bulls need to get back above this moving average to negate the bearish views.
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- Apple daily could not close above 100 SMA. Weekly candle looks bearish. Negative price action in daily chart likely to move towards 20 SMA before results.
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- Nifty continues to remain in a range. Bearish engulfing spotted yesterday morning lost its significance by the end of the day. This happens when price is in a range. For a directional trade its better to wait for the range to get resolved.
- MACD Divergence has given shallow corrections as shown in chart 2. So if that trend is to continue price should give a bearish move out of this range. But one should also consider the larger trend before taking a bearish position.
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- Crude oil daily chart shows price violating 100 SMA again. Crude bears need a daily close below 100 SMA For bigger falls to follow.
- 4 Hour chart shows a possible support line. If that is not held quicker falls are likely to be seen. If price bounces then crude bears may not get that daily close below 100 SMA.
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