October 5, 2016

ES price contraction continues

  • ES continues to stay below 50 Day SMA and above 100 Day SMA. So price is stuck between these two crucial moving averages. Daily close outside this contraction may give bigger direction for ES 

CRUDE Oil Testing pattern resistance zone

  • Crude oil testing crucial resistance zone of the inverted head and shoulders pattern.
  • One hour chart shows price above support line and 50 Hour SMA. Weakness will be visible if price falls below these levels. Crude oil bulls need price to stay above this level for a bigger breakout to follow.