November 12, 2014

 
 
  • ES Daily shows weakness at the resistance line shown in first chart.
  • Hour chart is testing the cloud. Bears need price to close and stay below the cloud.
  • Last chart also shows price near crucial moving averages in one hour time frame.

  • Nifty is trading in a small range.
  • There is a possible negative divergence developing in daily chart which is yet to confirm.
  • If the range breakout on the upside another highs and a test of the resistance line shown in second chart is possible before the correction can start.




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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