Daily Crude Oil Analsys

Emini S&P (ES) analysis & trade plan

For ES, I’d written for Dec 1, 2016:..the negative candle yesterday is a short term warning in overbought conditions. This increases the chances of some profit taking in to the end of the week. First support at 2199/98 but below here targets 2192 then support at 2189/88. Downside likely to be limited but further losses target quite good support at 2182/81.

My first negative call in many weeks and prices sold off as expected to 2 points below support at 2189/88.

For the downside picture for today, ES is in a profit taking phase & holding below 2189/88 targets 2182/81 then the best support for today at 2172/70. Try longs with stops below 2165. A break lower however tests 100 day moving average support at 2159/57.

Holding above 2190 allows a recovery to 2194/95 & minor resistance at 2199/98. On further gains we target 2203/04 then the new all time high at 2213/14. A break above 2216 targets 2219/20 then 2224/25.

Pivot points: R3=2206.75 | R2=2199.00 | R1=2194.50 || S1=2185 | S2=2180.50 | S3=2172.75

Daily Chart




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