February 10, 2017

  • Crude oil daily and 4 hour chart shows price moving into a resistance zone.
  • Crude bulls need a daily close above the resistance zone for bigger up moves to follow.
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  • ES Daily chart shows  a possible rising wedge. 
  • Price testing the resistance line now. If the resistance line stops the up move here then pattern will stay intact.
  • Weakness only if price falls back below 2299 levels.
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  • Nifty one hour cloud continues to give support. Price moved above the cloud at 8050 and yet to close below it for this time frame.
  • Staying above 8727 another breakout above 8821 level is possible. Bigger weakness only if price starts to trade below hourly cloud.


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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