September 29, 2016

  • Nifty is testing the support line of the broadening pattern. Last time price failed to close below this line and a big up move followed towards 8900 levels. 
  • Month chart looks like its going to give its 1st bearish candle after 6 Bullish ones in a row. Provided there is no made reversal in the remaining day of the Month.
  • Weekly chart is falling from the bearish PIN BAR. Next crucial level for bears to break is the zone between 8515 and 5545. This is a possible support zone in weekly chart. If this is not held then nifty could fall below 8300 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