January 22, 2016

Market outlook + weekly update

Weekly charts
- trend is down on weekly charts
- as expected, NF takes support at lower end of channel
- upper end of channel around 8000 levels

Daily charts
- trend is down on daily charts
- no lower swing highs formed so far
- immediate resistance around 7600 and 7470 spot
- today markets closed in positive; AD positive, VIX down 10%

Hourly charts
- NF closes first time above swing high on hourly charts
- we do not have a big bar though
- because of another resistance nearby we will consider reversal level around 7470 F

5 min charts
- breakout from initial trading range was buy signal
- cover on close

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