February 22, 2016

  • ES Week approaching resistance cluster between 1945 - 50. If price is able to break above this zone then it can test the outer edge of the ARC shown in chart 2 which should take ES past 2000 levels easily. But bulls will be test around 1945 levels.

  • SBI Weekly chart shows a small bounce from the crucial support zone at 145 levels. But price continues to stay below crucial moving averages Like 20 Day SMA and 200 Hour SMA. The support zone may get tested again if price failed to close above the Moving averages.

  • Nifty one hour is testing previous support level which is acting as resistance. Nifty bulls must move above this level and the 200 Hour SMA to make it a bigger reversal

  • Nifty weekly chart shows the lower lows and the falling support line. Price is doing another bounce from the support line.
  • Daily chart shows immediate resistance levels for the bounce. A bigger reversal or bounce possible if the resistance levels shown in daily chart is taken out on closing basis.


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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