August 18, 2015

  • Crude oil daily chart shows price trying to hold on to the support zone. 4 Hour chart shows price moving towards the falling resistance levels. If a bigger bounce is going to happen that can be confirmed on price closing above  4 Hour cloud. Till that happens the down trend and bears are safe.

  • The Monthly candle shows the reason why DLF moved towards its 200 Day SMA. Now if the monthly candle decides to work well this can be a bigger bounce towards the falling resistance line shown in Monthly chart. But for that scenario to work price must stay above 200 Day SMA and get out of the bearish descending triangle pattern shown in weekly chart.


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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