April 22, 2016


  • ES Daily testing resistance zone.
  • ES One hour is at 200 Hour SMA. More weakness if price starts to stay below 200 Hour SMA.

 

  • Nifty Month chart looking bullish after price breaking above the falling resistance line. But a breakout may not mean price moving up in a straight line. It may happen rarely But many times price comes back to test the breakout line before moving up again. In this case it may take many months of sideways action before starting to trend again.
  • Daily chart shows resistance at 7980 levels. If price maintains the HIgher highs and higher lows then a breakout is possible above this zone. Immediate weakness if price falls below 200 SMA on closing basis. Bullish structure is negated if price starts to trade below 7500 and 7400 levels.
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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