July 23, 2015

  • Daily chart shows price moving towards the falling resistance line. Price seems to be moving in a large bearish descending triangle pattern. Within this bearish pattern price is in a bullish phase for now. Bullishness is likely to get weak near the falling resistance line. 

  • Nifty bears failed to take price below 20 Day SMA. Weakness only if price moves below the rising support line shown in first chart.
  • Next hope for bears is the golden ratio shown in last chart. Bulls need to clear this for bigger up moves to follow.


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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