January 3, 2015

 

  • Nifty weekly charts continue to look bullish as it stays above 20 Week SMA.
  • Bears are hoping for the Diverging wedges in price and MACD To work in their favor. But this is likely to take some more time to start working and Trying to time this event will result in wrong trades. Confirm weakness if week starts to close below 20 Week SMA.
  • For now though the daily charts are also looking good for bulls as it stays above 20 and 50 Week SMA. Levels to look for next week is 8373 which is the golden ratio. If price stays above this one this up move is likely to extend.
  • CRUDE OIL TREND UPDATE
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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