February 22, 2017

  • TESLA Month nearing resistance zone.
  • Previous weekly candle is a potential bearish one with its long upper shadow. But if today's week closes higher then bearishness of the previous candle is negated.
  • Levels to watch bears are 274 and 264 levels. For bulls need to stay above 287 and 291 levels to extend the trend.
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  • ES Daily shown with a possible rising wedge pattern. Price likely to hit the resistance line around 2370 plus levels approximately.
  • Rising wedge mostly results in a breakdown in favour of bears.
  • One hour cloud continues to offer strong support for bulls.  Weakness in hourly only on closing below the 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