January 29, 2015

  • Weakness in weekly chart at 100 Week SMA
  • More weakness if 200 Day sma is broken
  • 4 Hour chart is showing a possible Topping pattern. Bulls need to get back above this pattern to avoid bigger falls.

  • ES Daily testing 200 SMA again
  • For Bulls of ES The support levels shown in 4 Hour chart needs to be held.
  • One hour is trending below the cloud.

  • Bank nifty Month chart yet to show any weakness.
  • Weekly chart has been diverging for quite sometime without any meaningful correction
  • Daily chart has given a Pin Bar Reversal candle which may be the start of a correction. This candlestick pattern needs to be confirmed with bearish price action.


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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