December 26, 2016

  • Nifty bulls badly need a bounce from 7900 levels to avoid bigger correction. 
  • Second chart shows price trying to replicate left hand side. There is bound to be a bounce soon and if the bounce is within the channel bears will remain interested.
  • Bulls saying its oversold But when the financial instrument is in a trend the bounce will take its time to come.
  • Bears will remain strong below 7900 levels.
  • For bulls a bigger and stronger turnaround in their favour will only happen if they are able to make it back above 200 SMA.
  • NIFTY Bearish pattern
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  • Weekly chart shows the consistent breakdown of price to form new lows.
  •  4 Hour chart shows the next crucial support zone.
  • But month chart is showing some hope for bulls as price is nearing possible support line. Some more correction needs to happen before price test this line.
  • CRUDE Oil Weekend update
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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