- Gold Weekly chart trying to form a Bearish engulfing pattern.
- 15 Minutes chart is moving down in a bearish channel.
- One hour is below Ichimoku cloud. Gold bears need price to trend below the cloud for a bigger down move to happen.
- For Gold bears price need to close at the current levels or lower to confirm the bearish engulfing pattern.
- Crude oil 4 hour chart looks like a bullish falling wedge pattern. One hour chart too is in a small triangle pattern.
- ES one hour continues to remain strong above the short term trend line and Hourly cloud. Weakness will be seen only when and if price starts to trade below Hourly cloud.
- Possible bullish pattern developing in weekly chart. Price trying to give shape for the right shoulder of an Inverted head and shoulders pattern. Its a 16 Points in length according to the rules of the pattern Successful breakout above 51 levels may take Crude oil towards 62 levels at least. That's the bigger picture Now for the short term Price has manged to close back above 45.84 levels which was a crucial support area. Having moved back above it price may move towards the falling resistance line drawn from 51 levels.
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- ES Week and Month chart shows price moving above resistance zone. First hurdle for bulls is to close the week above this resistance zone. Then the month close has to happen before that price could either move far away from the resistance zone Or leave another month candle with bearish upper shadow.
- Cannot argue with the bullishness of the price action But i would like to see a month close above this zone to confirm Bigger bullishness.
- Crude oil moving back to the broken support zone of 45.84. A bigger up move if price is able to sustain above 45.4 levels.
- consolidation at this level may resume the larger trend of CL.
