November 9, 2016

  • Nifty bounced from 8000 levels as shown in weekly chart.
  • Daily chart too shows price bouncing from 200 SMA. Price did violate the line But bears unable to keep price below it.
  • For now Bulls erasing most of the Mornings losses.
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  • If the lead stay as it is the fall continues.
  • 50 Week SMA is getting tested again. Bears need to stay below this line for a bigger fall to follow.
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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