July 16, 2016

  • ES one hour and 4 Hour shows slight weakness But nothing like that is seen in weekly chart as price closes above resistance levels.
  • Nifty week shows price moving towards a potential resistance zone in 8654. Daily chart too shows price at potential resistance line. MACD shows possible negative divergence developing But Price yet to show major weakness yet for Nifty bears. Only when price shows weakness Negative divergence will take effect to give a bigger correction.
  • For Bulls if price violates the daily resistance line chances are high for it to hit the Weekly target of 8654


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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