June 3, 2015

 

  • No weakness in up trend yet as price continues to stay above the support line shown in chart 1
  • chart 2 shows developing negative divergence With MACD.  This can give good results for bears only if the up trend line is broken.
  • EURUSD Daily time frame shows support at the cloud. Next crucial resistance level is the 200 SMA which is likely to be tested in a week or two. Although in a range this Pair is forming a basing formation which will do well if price can sustain above 200 SMA.





  • Nifty is completing the right shoulder of the H&S pattern. Price is near crucial support zone. One hour chart shows breakdown below crucial levels. Right now price is testing another support zone in one hour chart.



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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