April 28, 2016

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  • Weekly chart shows a strong trend in place. Price moved above the weekly cloud when it was at 25. After that Price tested the weekly cloud just once. Major trend of the stock will not be tested till price stays above the cloud.
  • Daily chart shows good correction in favour of bears but Bulls continues to manage new high's. One such new high and much more is likely to be seen today.
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  • Nifty and SP 500 Futures with similar charts. Both are testing crucial resistance level in daily time frame.  A big sell signal or a bigger breakout is possible from here. 
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  • ES Daily continues to stay near the resistance zone at 2110
  • 4 Hour chart shows price above the immediate support zone of 2071.
  • So this range must resolve for bigger moves to follow.

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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