July 20, 2015

  • Bidu weekly tries to re-enter the bearish pattern from which price gave a breakdown.
  • Daily can confirm a reversal only if price is able to sustain above the falling resistance line and 200 Day SMA. Bearishness near the down trend line may result in another fall. 

  • Last chart shown with the MACD Histogram shows Developing negative divergence. Price also near the Golden ratio for the fall from 9119 levels to 7940. First chart shows price hanging around a possible support resistance zone. So the current levels are crucial Break above it may give bigger up moves. More weakness here may result in correction towards 8300 and 8200 levels. 


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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