March 1, 2016

  • Crude oil testing resistance levels again. Crude bulls need a daily close above 100 SMA and daily cloud for a bigger up move to follow.
  • ES SUPPORT AND RESISTANCE LINES
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  • ES 4 Hour chart shows rising support line, Other two chart shows immediate resistance levels. Possible extension of this up move if price stays above the Golden ratio and the supply demand line shown in 2nd chart.


 
  • The daily chart which is not shown here shows Two Long shadows for candles one at 12th February and for one Yesterday. These two daily candles giving strength for bulls. First bounce from 12th Feb took nifty towards 7252. This bounce is approaching resistance levels. Bulls expecting a Double bottom kind of bounce need price to stay above 7250, The cloud and 38.2% Fib level for an extended up move 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