January 17, 2011

  • Gold is trading near its 20 week moving average.
  • Price is also resting above an important support line in weekly chart.
  • Any correction here would mean breaking the support line and 20 week moving average which can extend the correction in GOLD.
  • GOLD MINERS TECHNICAL ANALYSIS

  • Nifty futures one minute chart with intraday range from 5625 - 5695
  • Violation of this range can give 40 to 50 points minimum.
  • Nifty is trading close to its 200 DMA so one can expect a bottom formation to start forming here.
  • So the support based on 200 DMA and the channel bottom comes near 5550 - 6000 level.
  • Any violation of the above level 5550 - 6000 on closing basis can drift nifty down to 5350 - 5450 band.
  • Yahoo weekly chart is in a triangle type consolidation pattern.
  • Price is trading above its 200 and 50 day moving average.
  • 50 DMA line is acting as support in daily chart. If this moving average gets broken on closing basis we may see a downside breakout for this pattern.
  • If price continues to trade above 50 DMA we will see an upside breakout.
  • GOLD MINERS TECHNICAL ANALYSIS

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All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore