October 16, 2014

Markets break 7800

Current trend is down and will reverse to buy on close above 8000 (more strength above 8200).

I was expecting 7800 to hold this series but this did not happen and markets broke this quite strongly.

Now option writing points to resistance at 8000.

EOD charts show next support at 7600-7540 levels.

Intraday 5 charts show areas for possible short trades. Break of 7830 spot and failure to sustain above this led to a fast selloff.

Hourly charts show "buy above" levels for a long trade. The current trend is down and there is no buying as yet.

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