November 16, 2016

CRUDE Oil chart analysis

  • Crude oil 4 hour charts with crucial resistance zone
  • Price shows resistance between 45 and 47 level.
  • Price is testing the 4 hour cloud here. If price manage to stay above the cloud then correction in coming days is likely to be limited followed by a bigger up move. If the current price test at the cloud by bulls fails then bigger correction and test of the recent lows are possible.

ES One hour chart analysis

  • Possible support levels shown in one hour chart.
  • ES Fib levels shows price falling towards Golden ratio
  • 100 Hour SMA is a possible support line.
  • If bulls unable to keep price above these levels means possible test of 2150 levels.
  • Holding these levels means a bounce from 100 SMA.