June 8, 2015

  • ES violates rising support line in daily time frame.
  • 200 Day SMA is yet to be tested. For a trend turn to happen this line must be broken on closing basis. 

  • Apple below the Hourly descending triangle pattern. Bears need price to stay below 200 Hour SMA. Apple daily is testing the cloud. Bears need a close below daily cloud.

  • Bank nifty has broken the recent lows of weekly closing basis. Weekly bearish candle has engulfed 5 to 6 weekly candles. But bears need to do more. 17246 - 17502 is a crucial zone to break below. Weekly RSI is near oversold zone.


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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