December 27, 2014

Weekend update

Rally fails to cross 61.8% retracement and terminates at 8365 levels. Now we have formation of  swing low at 7960 and swing high at 8365 levels (all spot).  Since markets are almost at halfway levels and considering that both support and resistance are nearby, it might make sense not to do anything unless you are a daytrader.

Option writing points to support at 8000 levels. This might mean limited downsides from current levels.

Daily charts:


Weekly charts: no follow thru action for previous weeks bullish hammer.


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