June 2, 2015

  • Crude oil Bulls getting strong support from 50 Day SMA. Price managed to close above 200 SMA. 62 Levels has to be crossed on closing basis for bigger up moves to happen

  • Apple daily chart shows overbought RSI.
  • Bigger correction only on Triangle breakdown and break below 200 Hour SMA.

  • Price continues to stay above the daily cloud and rising support lines. Bulls safe till these levels are protected.
  • Weekly is showing a potential rising wedge pattern for bears.

  • Nifty RSI is overbought, But price yet to show any weak candles yet. If one see recent overbought signals that worked well they all had Bearish engulfing candles with it. But the one which is shown in first chart was an exception were price kept moving up and indicator stayed overbought. 
  • Second chart shows price moving around 50 and 200 sma. Sideways action may continue if price stays in the range of 8270 - 8500.


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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