January 18, 2017

 
  • ES daily chart shows another triangle shaped contraction. First one gave a bearish move. 
  • 20 Day SMA is acting as support on closing basis recently. Price did violate this line but day's did not close below it. Closing below this line will tilt the balance in favour of bears. Sustaining above it may result in an upper breakout.
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  • Crude oil 4 hour time frame shows price dipping below 200 Period SMA a crucial moving average for this time frame.
  • Horizontal support level is at 50.73.
  • Last chart shows possible support line.  Crude bears will gain strength below this line.
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  • Nifty Daily has a 50 Point GAP between 8460 and 8510. If Price takes out the recent high's again this GAP is likely to be filled.
  • Weakness if price falls below 8373 and 50 Hour SMA on closing basis.
  • Bulls on larger time frame need a close above 20 Week SMA to gain further momentum.  
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"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