February 16, 2016

  • Nifty month shows a successful topping pattern in play for bears. Hope for bulls is the rising support line from 2252 level. If this does not hold Price may test 6300 levels as there is no proper support till 6300 levels. So bulls must try to hold above the rising support line to avoid a bigger correction. 
  • One hour chart shows price below 200 Hour SMA. Price must move above this line for a bigger reversal to happen.
  • CRUDE Oil Trend update
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  • Crude oil 15 Minutes continues to trend above the cloud. But 4 hour chart shows price approaching the falling resistance line. Crude bulls must take out this line for this bounce to turn into reversal. Falling likely to resume if price stalls at the resistance 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