February 16, 2018

CRUDE Oil chart analysis

  • Crude bulls trying a Bullish swing
  • Bulls need to stay above hourly cloud and the 20 SMA of 4 hour time frame. Closing below these levels will negate the bullish attempt by crude bulls.

ES Chart Analysis after closing bell

  • We saw the Second long shadow at the 200 SMA and discussed the possibility of 2700 again But i was not expecting a complete reversal. Its not yet a complete reversal, Week need to close above 2760 for bulls to confirm strength in Weekly time frame. Today's close being a weekly one is crucial for Both bulls and bears. 
  • Fall below 2689 may trigger a correction today. Staying above the hourly trend line will continue to favour bulls to extend gains.
  • ES Hourly bullish "W" Pattern which worked well

PUNJAB National Bank chart Analysis

  • PNB Month chart shows price at crucial support level of 128. If this level is not held then price may fall towards 112.
  • Month chart also shows the possibility of a Big Bearish M pattern. For this one to come good price must sustain below 128 and 112 levels.
  • Bulls need to sustain above 128 levels to avoid the bearish scenario.