August 2, 2016

Crude oil Weekly Fib levels

  • 4 Hour continues to walk down the stair.
  • Weekly fib shows price nearing 50% Fib level which is around 38 levels.  Not saying its going to reverse from here. But chances of a bigger bounce are higher around 37 - 38 Levels.

ES Chart update

  • ES Falls below the range as it mostly happens after a false breakout.
  • Price if continue to sustain below 4 hour cloud may result in bigger correction.

ES Analysis before opening bell

  • Price fell back into the range after false spike . This price actions sometimes results in faster falls on the opposite side.
  • Price need to close below support level and 4 hour cloud for bigger falls to follow.

GOLD Support levels for the up move

  • Gold 4 hour chart shows crucial support zone for the current up move near 1352 levels.
  • One hour chart shows a range. Price for now is staying above the range. Weakness in one hour if price falls back into the range.