October 25, 2015

  • Nifty is approaching its 200 Day SMA, price is also closer to the falling resistance line shown in first chart. Daily chart also shows negative divergence with price and macd histogram.
  • more weakness on daily closing back below 8200 levels. 
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  • Month chart shows price continues to remain in a triangle contraction. Price tried to move out of the pattern but is unable to close outside it so far. 2nd chart shows price testing 20 month sma. Month close below 20 SMA should result in bigger correction. Bulls need to stay above this level on closing basis for an upper breakout from the triangle to happen


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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