- Crude oil week is nearing a possible channel resistance line.
- Weekly bearish candle at the resistance line may signal a reversal in price.
- One hour time frame shows price trending above 100 Period SMA. First signs of weakness if price starts to close below this line.
November 8, 2017
- Rising wedge is helping bears so far But they need to break support levels shown in hour chart. Hourly cloud base is around 10300 levels. Bears need a close below this level to extend this down move towards the Target level for Rising wedge breakdown.
- Failure to close below hourly cloud may work in favour of the Bulls.
- First chart shows the 4 hour time frame with a possible false breakout situation. Mostly when price falls back into such patterns it does a Swift move in the opposite direction of the breakout. But here ES is still in strong up trend and hence the momentum for bears is missing.
- As chart 2 and 3 shows there are plenty of strong support zones for bulls which has to be violated for a bigger correction to be seen. As of now Bulls remain safe and strong.