- 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.
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
November 8, 2017
CRUDE Oil Trend update
NIFTY Rising wedge update
- 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.
ES Analysis after closing bell
- 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.
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