August 30, 2015

  • Last chart the monthly time frame shows price in contraction. It should move one way or the other. If price holds 195 levels a reversal is possible. One can wait for a monthly bullish candle to confirm the medium term reversal. If 195 does not hold then its more bad news for the long term holders of Tata Steel.
  • NIFTY Weekend update
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  • Weekly chart shows price moving below the neckline but bulls managed to take it back into the pattern again. Bears need a close below the weekly cloud and the neckline of the head and shoulders pattern for bigger falls to follow.
  • Bulls will face resistance in the GAP and the crucial moving averages shown in the last 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