April 15, 2014

  • Bank nifty chart shows price pausing at weekly resistance zone. 
  • Daily chart shows negative divergence. Price yet to confirm weakness for the divergence. During trending phases divergence can fail so one has to wait for weakness to be seen for shorting.
  • Price continues to take support at 5 day low ema. Daily closing below this level may hint of a weakness.


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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