March 13, 2014

  • First chart shows price falling from the resistance line
  • Second chart shows previous resistance zone which may act as support. Weakness in daily chart only if price starts to trade below this zone.

  • ES 4 Hour chart shows support at 100 Period SMA and the 4 Hour cloud. These two levels and 23.6% Fib level must break for a bigger fall to happen. Sustaining above these levels will extend this up move.

  • Daily chart of BHEL Has an evening star candlestick pattern which will be effective only if price starts to trade below 182 levels. 
  • Weekly chart also shows strong resistance at 100 Week SMA.
  • Above bearish view will be invalidated if price closes the week above the cloud and 100 Week SMA. Bearish below 182. Bullish on closing above 193.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore