August 16, 2015

  • Crude oil daily chart shows price violating support zone. If price continues to stay below the cloud and the falling resistance line shown in 4 hour chart then bigger falls are possible. Reversal possible only if price gets back above 4 Hour chart

  • Nifty bears can see the Bearish engulfing at top. Price yet to get over the effects of bearish engulfing of march month.
  • Golden ratio shown in 2nd chart is crucial. Bulls need to move above this level to nullify the effects of the monthly bearish engulfing.

  • Sideways move likely to continue as long as 50 week sma holds. If week closes below this crucial support line then bears may have a chance. Till then the up trend is safe and an upper breakout from this range cannot be ruled out


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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