July 30, 2016

  • Apple bulls managed to close another day above 200 Day SMA. Recent attempts like these has failed to sustain above this moving average.
  • Weekly chart also shows a falling resistance line which may stop bulls from a bigger up move from happening. 
  • For a bigger rise price need to sustain above the weekly falling resistance line.
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  • Nifty Month chart shows price completing another bullish month. Question is will Nifty bulls form the 6 the Bullish candle.
  • Weekly chart continues to show divergence But price yet to show a lower low. Price continue to inch higher.
  • For next week last candle high 8674 is crucial. Staying above it is bullish. For bears need to do more. For a possible reversal or weakness to confirm price must trade below last weeks candle.


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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