May 6, 2016

Market outlook + weekly charts

Weekly charts
- NF has formed expanding triangle
- sustaining above this will be bullish
- so far no sign of fast reversal
- holding 7500 will be bullish
- subjective to 7500 holding this year, retest of all time highs possible.

EOD charts
- trend is down on daily charts
- I do not expect 7500 to break
- good support around 7700 levels (put writing)
- high chances of a bounce from here next week.

Hourly charts
- trend is down
- swing high/ resistance 7820 F

5 min charts
- support around 7700 holding
- low made in first 10-15 min held throughout the day
- breakout from range was bullish
- not much movement after breakout

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