- Daily chart shows strong reaction by crude bulls from the Bullish channel.
- But the head and shoulders pattern in 4 hour too looks good. Although the pattern has already hit its target Price may slide further if it stays below 64.15. If CL bulls take price above 64.15 that will negate all effects of bearish pattern in this time frame.
- Daily continues to look good for crude bulls.
April 4, 2018
- ES Weekly chart shows Bulls trying to hold on to 50 Week SMA. Previous visits of price to this moving average resulted in Big reaction in favour of bulls. Right now bulls are trying to form a similar bullish candle But bulls need to do more to confirm a pause in correction.
- Daily chart shows another candle with long shadow. If today's candle holds above 200 SMA bulls may be able to do a bounce.
- On the contrary a close back below 200 SMA may strengthen bears again.