- Crude oil testing crucial resistance levels in daily time frame. Falling resistance line and 100 Day SMA may try to help crude bears.
- Month chart shows a possible reversal set up. But bulls need to stay above January month high which is 38.39 for bigger up moves to follow.
- Last chart of this post shows symmetry in weekly chart. Look how the 700 point fall on the left side was matched by similar up move on the right side and now a few weeks of consolidation is likely as shown in the chart.
- Daily shows a possible hanging man But this man needs follow up price action. In this case price closing back below 50 Day SMA will add strength for this candlestick pattern.
- Price is also approaching previous support zone around 7550. This zone must be taken out by bulls to extend this up move further.
- Crude oil weekly chart shows a possible busted falling wedge pattern. Price made a false spike below the pattern. If price moves and closes above the falling resistance line of the pattern then a bigger up move is possible in crude. If sustains above the resistance line price may target 43+ levels.
- GOLD CHART UPDATE
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- Gold testing its recent resistance zone at 1260 levels. 4 Hour looks like an Ascending triangle kind of pattern which is bullish. For bulls price need to stay above the cloud and the support line shown in 2nd chart for a bigger breakout to happen. Weakness only if price falls back below the cloud.
- Crude oil testing resistance levels again. Crude bulls need a daily close above 100 SMA and daily cloud for a bigger up move to follow.
- ES SUPPORT AND RESISTANCE LINES
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- ES 4 Hour chart shows rising support line, Other two chart shows immediate resistance levels. Possible extension of this up move if price stays above the Golden ratio and the supply demand line shown in 2nd chart.
- The daily chart which is not shown here shows Two Long shadows for candles one at 12th February and for one Yesterday. These two daily candles giving strength for bulls. First bounce from 12th Feb took nifty towards 7252. This bounce is approaching resistance levels. Bulls expecting a Double bottom kind of bounce need price to stay above 7250, The cloud and 38.2% Fib level for an extended up move to happen.
