July 1, 2015

  • Crude oil testing range bottom. Price falling back to 100 Day SMA. Week is violating the 23.6% Fib level again. Crude bears need a weekly close below 23.6% Fib level to extend gains.

  • First chart shows the Descending triangle pattern in weekly chart. Price has moved from the support zone of the pattern to its resistance line.
  • Another hurdle for the bulls is the 20 Week SMA.
  • Major up trend for nifty will be safe till the swing low around 7940 - 7960 is not broken on closing basis.


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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