October 13, 2014

Market outlook

Current trend is down and will reverse to buy on close above 8050 (more strength above 8200).

Expect support at 7800 and resistance at 8050 on daily charts.

Option writing points to support at 7800 and resistance at 8200 this series.

Intraday charts were a clear buy above 7830 spot. There was also this added comfort about 7800 being a known support - this should have inspired people to initiate a long trade.

On hourly charts, close above 7920 spot will be a bullish sign.

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