July 24, 2015

  • ES nears 200 Day SMA. 4 Hour chart also shows previous resistance zone and Golden ratio which may act as support for a bounce. to happen. For now though price is not taking a pause. Doji candles at the above mentioned levels may arrest the fall of ES 

  • Immediate support for bank nifty at 20 Day SMA. Bears need a close below this level for bigger falls to start. Daily MACD is also suggesting weakness but price need to stay below 18600 levels.
  • Weekly cloud continue to act as support. bigger weakness only on price closing into the weekly cloud.


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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