October 27, 2016

  • Nifty daily chart shows price testing 100 Day SMA. Earlier price get resisted at 50 SMA and now its seeking support at 100.
  • Hour chart shows price near crucial support zone near 8500 levels. A quick reversal or a bigger breakdown depends on this area.

  • Tesla after Hours action suggests price could test the 200 SMA when it opens tomorrow. For bigger up moves need Tesla bulls to close the day above 200 SMA which has acted as resistance recently.
  • Month chart shows price staying near crucial support line. If price moves out of the pattern the first test could be at 235 levels. 
  • But most important before 235 is to cross the 200 SMA on closing basis. 


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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