December 16, 2014

Market outlook

Trend is down and will reverse on close above 8630 spot.

Within this downtrend, markets have broken and closed below the support at 8180... this has also had the effect of creating an oversold condition on RSI charts.

The current close is almost at the 61.8% retracement level.

Option writing points to support at 8000.

EOD charts:

Intraday charts:

Tomorrow, sustaining above 8130 spot will be bullish.

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