- Price if holds Support line and 1121.50 an up move towards the resistance line of the triangle is possible.
- Price breaking 1121.50 will speed up the correction in favor of bears.
- GOLD TRIANGLE BREAKOUT
August 10, 2011
5 MINUTES CHART
15 MINUTES CHART
- Nifty hour chart shows 50 Hour moving average approaching price.
- As long as price stays below 50 Hour moving average there is no chance for a trend reversal.
- Price is also staying below the GAP. Staying above 5230 will favor bulls. Larger up move will be possible only on closing above the GAP.
- Strength on an hourly closing above 5190.
- Weakness on hour closing below 5100
- Reversal attempts should be able to close above 5 Day low EMA and above High Ema for a meaningful up move to happen.
- Price staying above 23.6% may take it to 38.2% levels.
- There is a GAP on chart which might act as resistance. Next fall may also start after filling the GAP.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Weekly candle which broke below 200 week moving average and the cloud has managed to go back above them. This battle will go on till Friday. Closing price will give more clarity.
- Today's daily candle shows Bulls reducing most of yesterday's losses.
- But the trend has not managed to change completely even in small time frames like 30 Minutes. Price closed below the cloud in this time frame and Price closed at the 50 hour moving average for 30 Minutes time frame.
- If the trend is going to be reversed price will stay above the cloud in 30 minutes time frame for the coming days.
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