February 17, 2017

  • Tesla month candle shows weakness at the top of the range.
  • Weekly candle is showing a large upper shadow, Price if closes at the current levels or lower will form a good bearish candle. Any rally in favour of bulls today will spoil this pattern for bears.
  • Daily chart is shown with 20 day SMA support line. Bigger weakness for the stock only closing below this line.

  • ES One hour chart shows price testing crucial support levels.
  • close below Hourly cloud and 2331 levels may lead to a bigger fall. Immediate weakness below 2336 levels.

  • Nifty 4 hour chart shows price nearing the up trend line.
  • One hour is still in a sideways range.
  • Closing outside the range may lead to a bigger trade in Nifty. As long as the UP trend line holds bulls are in control. Weakness below 8700 - 8715


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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