January 8, 2018

CRUDE Oil Week and Month Chart analysis

  • Crude oil week nearing previous resistance zone around 63 levels.
  • Month chart shows the falling resistance line from 147 levels. If crude bulls manage to stay above 63 levels then the Up move may extend towards the Falling resistance line. But this may take some more months to materialise. 

ES 30 Minutes and One hour charts

  • ES 30 Minutes chart continues to favour bulls.
  • Price needs to close below the cloud in this time frame to confirm weakness.
  • Bears are seeing price falling below Middle bollinger band in One hour time frame. Staying below this line may lead to bigger weakness.