June 4, 2015

  • Apple one hour chart shows a descending triangle pattern. For bears price need to sustain below 200 Hour SMA. Fib level also shows price testing 38.2% fib level. This is a crucial level were bulls can also take support and start moving up.

  • Nifty RSI is moving down below the 70% line. Weekly shows a bearish pattern. For further bigger falls price must sustain below 7960 levels on weekly closing basis.
  • Bot Weekly and Daily RSI is fast approaching oversold levels. If Daily RSI reaches oversold zone before price reaches the support zone there is still hope for an up move for Bulls.


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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