March 20, 2018

CRUDE Oil moves out of triangle

  • Crude oil moves out of triangle contraction. Daily close outside this pattern and 50 SMA line should extend this up move towards 64 and 66 levels.
  • Weakness will resume if the day falls back and close below 50 Day SMA.

ES Hourly cloud and 100 day SMA

  • Daily shows price pausing ear 100 Day SMA. Bigger falls will resume only if price falls below 100 Day SMA.
  • One hour chart shows price below the cloud. Bearish swing in hour will remain safe till price stay below the cloud.

GOLD at the Apex of contraction | Descending triangle

  • Gold daily time frame shows price near the apex of the pattern Price likely to exit the pattern soon. As it is a descending triangle, Also looks like a rounding top, Most expected price action is on the downside with targets of 1290 and 1270 levels.
  • On the contrary some descending triangles does move in the opposite direction as well. So an upper breakout cannot be ruled out from the support zone around 1310.