August 1, 2016

CRUDE Oil violates 200 SMA

  • Crude oil Daily violates 200 Day SMA. Bigger weakness only if Daily candle sustains and closes below this moving average.
  • 4 Hour chart shows the trending down move. Price continues to create new lows in hourly time frames.
  • The bearish PIN BAR Formed few weeks back looks so good now.

Gold chart analysis

  • Gold 4 hour chart shows a steady up move in gold. Immediate weakness in short term charts if price trades below 1352 levels.
  • One hour chart shows  a possible pennant which is a trend continuation pattern. 

S&P 500 Futures analysis before opening bell

  • 4 Hour candle closing back in to the rectangle will favour bears as it will confirm a false breakout. But bears need to take price below 4 Hour cloud to confirm weakness.

CRUDE Oil support and resistance levels

  • 4 Hour chart shows a bounce is it a dead cat bounce?. More strength for the bounce if it sustains beyond 41.70 levels.
  • Daily chart shows bears unable to break below 200 SMA. More strength for bears only if they are able to break and sustain below this crucial moving average.