August 15, 2016

CRUDE Oil testing 50 Day SMA

  • Crude oil weekly reversal continues in favour of weekly bulls
  • Daily is testing 50 Day SMA. Bulls need a daily close above this line to extend this up move.

ES Chart analysis

  • ES 4 hour continues to stay below the resistance line discussed last week. 2nd chart also shows a rising support line making a price contraction which may result in bigger moves either side.
  • Immediate support levels shown in one hour chart are 2175 and 216 levels.