September 7, 2015

  • Dlf weekly chart shows price contraction. One big move is due in the weeks to come. close below 95 levels will extend the current down trend. I must also add that the pattern in weekly chart is a bearish Descending triangle. Bulls need a close above 200 SMA for bigger up move to start.

  • Month and weekly chart shows crucial support zone for icici bank between 235 and 245. As the weekly chart shows this level also coincides with the golden ratio, some relief is expected for bulls around these levels. But in the coming weeks if this level is broken the entire up move from 154 levels may get retraced.

  • Crude oil daily cloud is acting as resistance for now.
  • 4 Hour cloud is acting as immediate support. More weakness if price stays below 4 hour cloud.


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"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