March 17, 2018

CRUDE Oil weekend update

  • Bearish descending triangle in 4 hour chart has turned in favour of bulls for now.
  • Daily chart is yet to give a clear breakout from the contraction triangle as shown in second chart.
  • Equation is quite simple for crude bulls. Stay above 50 SMA on closing basis in daily time frame for bigger up moves to follow.

ES Chart analysis after closing bell

  • Price moving in a narrow range as shown in 30 Minutes time frame.
  • 4 Hour chart shows the small range within a Larger Ascending channel. If the support line of the channel is held then price is likely to remain sideways to bullish.
  • Bears tried and failed 3 times to close below 50 Day SMA. If bears manage to close below this line then the channel support line will be tested.
  • Descending triangle and Bearish engulfing Descending Triangle and Bearish Engulfing

  • Amazon Hourly Descending triangle has resolved in favour of bears.
  • Now day must stay below 1578 for bigger correction to follow.
  • If day closes below 1578 it will add more strength for the Bearish engulfing in Daily time frame.
  • AMAZON Intraday update