August 8, 2016

Crude oil inverted head and shoulders update

  • Crude oil 30 Minutes time frame has an up trend in place.
  • Weekly chart shows a reversal after a hammer like candle. This bullish pattern will stay valid only if price stays above 39 levels.
  • Short term strength will remain if price stays above 30 Minutes cloud.

ES Chart analysis

  • smaller time frames live 30 Minutes continues to show strength.
  • 30 Minutes will favour bulls till price stay above the cloud.

Nifty 5 minutes chart

  • Nifty trading in a tight range after a trending day. Major trend yet to be challenged. Week and month chart continues to look strong.