January 5, 2017

  • Crude oil weekly resistance line is acting as support.
  • 4 Hour chart shows price reversing from support zone towards 54.36 levels again. Last breakout did not sustain, another breakout above this zone may lead to higher levels.
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  • ES bulls need to close above 2270 to gain more strength.
  • Moving average and price levels show support between 2251 - 2256 levels. 
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  • Nifty 15 Minutes chart shows range breakout. 
  • 15 Minutes cloud shows the trend intact. The cloud trade is now 300 points.
  • Next hurdle for bulls is the 200 Day SMA.
  • BANK NIFTY Chart analysis
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  • Bank nifty 50 Week SMA and 17800 level is crucial. Fib chart too shows the presence of 38.2% fib level near this zone.
  • One hour chart shows support exactly at 17852. Hour closing below this may trigger a correction towards recent lows. So bulls need to hold above this level to avoid further bearishness.
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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