February 6, 2015

Weekend update

On daily charts, trend is down and reverse on close above 8850 spot. Immediate support is at 8600 levels. Because of this support, it does not make sense to short at current levels.

On weekly charts, rally from 8000 levels is getting corrected. The most recent bull bar is not yet fully corrected even though markets have corrected for 2 weeks.

Weekly charts

Intraday charts

Today was a rangebound day with all signals leading to no profit no loss. Refer boxes... these show breakout / breakdown levels.

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