February 16, 2017

  • ES 30 Minutes chart shows price falling to the cloud one more time. Will the cloud hold again. Price has been giving good buy on dips on this time frame till now.
  • One warning for bulls is the Sideways moving MACD shown in One hour chart the last Image shows the Negative divergence. But Price continue to negate the divergence and move up, So its difficult to know when the divergence trade might start. As of now price yet to show weakness.
  • As long as the bullish channel holds corrections are likely to be small.
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  • Nifty hour in a range 
  • 38.2% fib level acting as support
  • One negative for bull is that price has fallen below hourly cloud after a long gap. So bulls need to move back above the cloud to regain momentum. Staying below the cloud may work in favour of bears.
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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