March 17, 2014

  • ES One hour chart shows confluence of resistance at falling resistance line and 200 Hour SMA.
  • 4 Hour chart too shows resistance at the cloud. Weakness here may give shorting opportunity.

  • Bank nifty daily is in a range of about 450 points. Price is also struggling to cross the recent swing high and 78.6% Fib level. So for bulls need a daily close above these levels for a bigger up move.
  • Price closing below 11800 levels may start a correction.


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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