April 21, 2015

  • ES 4 Hour at resistance level
  • Daily chart is also testing high's But daily TF has two resistance levels to cross to complete a breakout. Bears need a bearish candle at this level to keep price range bound.
  • The Bullish rule is still intact as major Lows are made higher. For bears this set up needs to change for bigger falls to follow.
  • CRUDE Oil Analysis: CLICK Here

  • Dail chart shows price falling towards 200 SMA which may act as support in case it gets tested. 
  • Week and Month charts shows bigger possiblities for bears But these needs confirmation. Falling below 8269 and 50 Week SMA is necessary to confirm bigger weakness for nifty bulls.

  • Crude oil is likely to target its 200 Day SMA as short term target.
  • Range breakout target is about 64 levels as shown in daily time frame.
  • Weekly is testing 23.6% Fib level. More strength if price sustains above this level.


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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