- 4 Hour time frame shows price Falling from the Shooting Star. Price testing 100 Period SMA, A crucial support line for Bulls to hold above.
- Weekly chart shows negative price action This was preceded by a Weekly candle with long upper shadow. But its early days to talk about the week, Bears need a weekly close at the current levels or lower to confirm bigger weakness.
- Day is near 20 Day SMA. This line has acted as strong support recently.
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- Month chart show crude oil in contraction.
- The high and low of January month candle is crucial. Only a close outside this range will take crude oil away from the Range.
- Gold one hour chart shows price trending down.
- But the falling price is moving towards crucial support zone between 1217 and 1222 levels. If this level holds another up swing will start.
- Bigger bearishness if this level is not held. Possibility of visiting 1180 levels if the above mentioned support level is not held on closing basis.
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- ES one hour chart shows price near 200 Hour SMA. Close below this line can extend weakness which started late last week.
- 4 Hour chart shows price near the apex of a Triangle pattern. Strength above 2376. Weakness below 2368
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- With today's up move the bearish engulfing formed during last week has become weak.
- Price is currently in a range between 8860 and 8992. Since price is in a range there is equal opportunity for bulls and bears, But price is ranging in an up trend. so this could be another trend continuation pattern.
- As price correction continues 4 hour and one hour time frames are approaching crucial support levels as shown in above chart.
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- Inverted hammer of 4 hour time frame continues to play out.
- Growing upper shadow of the weekly candle will also keep bears interested.
- Possible support levels are shown in One hour chart. Bigger weakness if Golden ratio and previous resistance line does not act as support.
