February 23, 2017

  • Crude oil daily candle looks bullish so far. If the current price action stays a Higher close is possible in this time frame, which could lead to bigger up moves.
  • 55.24 level is the next challenge for crude bulls to cross above.
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  • Nifty daily chart is testing the recent swing High'
  • 4 Hour chart shows a resistance line which is part of a Rising wedge pattern.
  • Rising wedges are mostly bearish. But as we are close to historic High's anything is possible. Weakness only if price falls below 8700 levels.


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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