November 13, 2017

ES Chart analysis before opening bell

  • ES Weekly chart shows a good start for the week for bears so far. But Bears need further followup and a close near 2562 levels or lower to complete the bearish candlestick setup. Bulls on the other hand needs to stay above 2584 levels to negate the bearish scenario.
  • 4 Hour chart shows immediate support at 2574 and 100 Period SMA. 4 Hour closing below this zone may strengthen bears further.

CRUDE Oil weekend update

  • Crude oil weekly chart shows price near the resistance line. For bears of CL needs the coming weekly candle to be a Red one to confirm weakness.
  • 4 Hour chart shows a small range. Considering the resistance line in weekly time frame a Close below the range will favour bears of CL.
  • Daily time frame with RSI shows high overbought levels.