March 10, 2016

  • ES Daily shows weakness at 200 Day SMA.
  • 4 Hour chart shows immediate support levels. Weakness below 1966 levels. Up trend of this time frame will be challenged if price falls below 4 hour cloud.

  • Nifty month chart is trading near the Down trend line and the up trend line. For the next big move price need to close above or below these lines.
  • 2nd chart weekly line which shows weakness near 20 Week SMA. So for bulls price has to close and sustain above 20 Week SMA to avoid the trend.
  • Daily chart is trying to stay above 50 Day SMA. Price closing back below 50 Day SMA will strengthen bears again.


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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