May 22, 2015

  • Crude oil 4 hour chart shows price holding above crucial support zone. Weakness only if price sustains below this zone.
  • More strength for bulls if price sustains above 200 Day SMA.

  • Tata steel bearish price action. Staying below 50 day SMA will continue to favour bears. Next level to watch is 333. Minor strength if price is able to get back and close above 50 day SMA. Bigger falls possible if 333 is not held.
  • Weekly candle looks bearish. Bulls need to change the structure of the candle but they have only one session. Price if closes at the current levels or lower will lead to more falls in the coming weeks. 
  • Chance for bulls to come back is above 351, More strength for bears below 333.


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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