March 28, 2015

  • Google weekly chart shows another bullish attempt getting rejected at the resistance line
  • Daily chart shows price falling from a bearish engulfing pattern. Price has also closed below 200 Day SMA.
  • Levels which Google bears need to break are 38.2% Fib level, 50 Day SMA and 544 on closing basis. Below these levels bigger correction is possible.
  • CRUDE OIL WEEKEND UPDATE
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  • Crude oil up move got resisted at 100 Day SMA.
  • For crude oil bulls price needed to stay above the daily cloud instead price falls back and closed below the cloud.
  • As the second chart shows price is still inside the daily range. For bigger moves in crude oil this range must be resolved.




  • Nifty is near its 200 Day SMA
  • Daily chart shows Oversold RSI. This set up needs help from 200 SMA. If 200 SMA holds bulls may get a reversal.
  • But weekly chart is looking good for bears. As the weekly candle has closed well below 20 Week SMA after a long GAP. 
  • I have shown RSI as oversold. If this is going to be a trending market. The oversold indicator will remain oversold and prices may keep falling. So 200 SMA is crucial for longs.
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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