May 9, 2015

  • Nifty stood above 7961 which was the earlier support level. Long shadow of the weekly candle suggests support near this level.
  • 8355 level is crucial for bulls to cross. Sustaining above this zone will add strength for this bounce.
  • Price continues to stay below 200 SMA which is a problem for bulls.
  • Recent RSI signals have done well. Current signal will work well only if price can stay above 8355 levels.


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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