December 15, 2015

  • Blackberry daily chart shows a bottom formation with resistance zone between 8 and 8.25. Weekly chart shows resistance around 8.60 levels. For a bigger up move to happen price has to move above the falling resistance line shown in monthly time frame. Things will remain negative for bulls till price stay below this pattern.

  • Nifty month chart shows the Major up trend in play from 2200 levels. The correction is happening above the up trend line. If the correction continues price may test the up trend line any were between 6800 - 7000 levels depending on how much time price takes to fall.
  • Weekly chart can negate the above view if price takes out the falling down trend line shown in 2nd chart. Price for now is sitting on a crucial swing low(7539). If this number is not held on weekly closing basis the correction towards the Month up trend line is likely to continue.
  • Day is stuck between 7539 and 7700 levels. Immediate strength and weakness on closing outside these levels.
  • Crude oil trying to stay above the slopping support line. CL Bull also trying to keep the falling wedge possibility alive. The reversal pattern will be effective if price stays above the falling support line.


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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