- ES Hourly cloud continues to act as strong support. Short term weakness only if price starts to sustain below hourly cloud.
- 30 Minutes chart shows a diamond shaped contraction. It will be interesting to see if price respect the boundaries of the pattern on the right hand side. If price violates these lines early then the pattern will stay invalid.
- Daily chart shows another possible Doji Day. This shows indecision at top. It may be followed by weakness or a breakout towards the direction of the prevailing trend.
-->
- Crude oil bulls managed to hold above 4 hour cloud and is testing recent high's.
- One hour chart shows immediate support zone falling below which a shot trade is possible towards 63.70 and 63.10 levels.
- More strength if sustains above recent high(64.89)
-->
- ES Daily rising like a cobra. Moves are becoming almost vertical.
- Daily RSI is showing Historic or Extreme overbought readings. But the Extreme readings are not helping bears due to the strength of the prevailing trend.
- Since the move is getting too vertical it must end or at least a sideways to negative correction is possible.
-->
- ES 4 Hour breaking away from the ascending triangle contraction.
- Pattern breakout suggests a possible move of about 30 points from the resistance zone. Price is almost reaching the target levels. Now weakness in this time frame only if price falls back below 2807 levels.
-->
- 4 Hour chart shows price finding support at the cloud.
- Price may move towards 65 levels again as shown in last chart.
-->
- Silver weekly chart shows price contraction in a triangle pattern. Price likely to remain in this pattern for some more weeks. If price gets resisted at the falling resistance line then the sideways move may continue for some months before silver can start to trend again.
- Last chart shows crucial numbers in weekly chart.
-->
- Crude oil is developing a broadening wedge in 4 hour time frame.
- Second chart shows price right at the apex, a Breakout or breakdown is imminent from the contraction
- Breakdown if happens must stay below 50 SMA for bigger falls to follow. Staying above this moving average the up move likely to continue.
