July 2, 2015

 
  • ES Weekly shows support at 50 week sma for now
  • Price is trying to move back above 200 Day SMA. Bulls need price to stay above this line
  • One hour chart too shows price moving above the cloud which is negative for bears.




  • Nifty needs to sustain above the daily cloud and 100 SMA to sustain this upward momentum. Daily line chart shows price closing into a resistance zone. Important for bulls to stay above this to avoid a reversal.



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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