March 9, 2018

CRUDE Oil near 100 SMA | Triangle pattern

  • Crude oil daily chart is near its 100 SMA again. 
  • Price is also showing a triangle pattern.
  • Bigger weakness can be confirmed if price starts to close below 100 SMA.

ES Charts after closing bell

  • ES Daily has a triangle shaped contraction. Price for now is near the resistance line of the pattern. If gets resisted here then price is likely to remain in the pattern for some more time which will make the breakout more powerful.
  • Right now price is trying to stay above 50 Day SMA. More strength if price stays above 2755 levels. Immediate resistance levels at 2755 and 2790.