July 22, 2016

  • Nifty daily shows a bearish engulfing pattern But price continues to remain in a range. Only if price trades below the range the bearish engulfing pattern will be effective.
  • MACD and price is starting to diverge negatively. This also need price confirmation by breaking below the range.
  • Month chart continues to remain strong But price is trading near strong resistance zone near 8654

  • 4 Hour triangle has resolved in favour of bears But for them price need to stay below 44.40 levels on closing basis.
  • Daily chart too shows price at 100 SMA. Crude bears need a daily close below this line to avoid a reversal from this moving average.


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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