- If the trend continues price may hit 200 DMA again.
- for intraday price has found support @ 61.8% Fib level.
- So further down move only if the Golden ratio is taken out on closing basis.
- Closing the day below 61.8% will favor bears for a correction towards 200 DMA again in the coming days.
- SILVER RISING WEDGE
July 18, 2011
- SILVER Negative divergence shown below has worked well for bears of silver.
- Now the support may come around 37.80 level.
- Possible rising wedge pattern in silver.
- Pattern will be valid if the resistance line is not broken by bulls.
- If today's high is not taken out we may see a correction towards the support line of the wedge.
- Hour chart is also developing negative divergence.
- If new high's are not made silver may start to correct soon.
- ES TRIANGLE BREAKDOWN
- ES continue to move inside the triangle pattern.
- Price has given a whipsaw on the downside and back into the triangle pattern.
- Price continue to stay below the cloud which favors bears. But for bears price has to close the hour below 1302 level.
- For bulls price has to break above the cloud and sustain above 1315.50 level.
- BULL FLAG OF GBPUSD
- Nifty continue to stay below 50 Hour Moving average.
- For bears they have to break and stay below 5563 level.
- For bulls they should break above 50 Hour moving average. But for them the resistance line and 5653 level may act as tough resistance.
- As of now both sides have equal chance. But price is close to the apex of a triangle like pattern. So nifty will take a clear direction soon.
- NIFTY WEEKEND UPDATE