October 26, 2016

  • ES Daily and 4 hour chart shows price near crucial support levels. 2115 to 2126 levels have held before so for a bigger fall this level must be broken on closing basis.
  • Immediate resistance is seen at 15 Minutes cloud. A short term reversal possible if price moves back and stays above 15 Minutes cloud. 

  • Month chart of Axis bank is showing a possible Bearish M or a Double top with possible targets below 400 Levels.
  • Daily falling below 200 SMA will further add to the bearishness of the stock. For Axis bulls they must get back above 200 SMA to avoid bigger falls in the coming days and weeks.

  • Weekly chart is trying to put up a Topping pattern, For this one to succeed price need to stay below 8500 levels as shown in chart 1.
  • Weakness can be confirmed if price starts to stay eblow 20 Week SMA.
  • Immediate resistance at 50 Day SMA. Closing above 50 SMA may give an up move towards 8750 and 8800 levels again.

  • ES 4 hour chart shows price testing crucial support line. Daily time frame too is showing weakness at 100 Day SMA. Bears need the daily candle to close at the current levels or lower for an extended fall to follow.
  • Weakness continues to be seen near or at 50 Day SMA as shown in last chart.


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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