August 8, 2014

Weekend update

Markets gap down but trade in a very small range. This is actually a bullish sign and will be confirmed if we have a gap up opening Monday.

EOD charts: Broader trend is up above 7450 spot. Note today's gap down opening and the very small size of the body.

Weekly charts point to selling at higher levels. Support 7450 spot.

Intraday charts

On 5 min charts, we had extremely range bound trading.

On hourly charts, the long signal has not surprisingly failed. Again, I will not be surprised if the current short signal also fails.

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