January 9, 2012
- Silver Daily chart with descending triangle pattern.
- Bulls will be weak below 28 levels. Breakdown below 26.02.
- Breakout above the resistance line should sustain above 50 Day SMA for a trade against the down trend to be effective.
- COPPER TRIANGLE PATTERN
- Reliance continue to fall down in a falling wedge pattern. Price has been respecting the support and resistance line of the line chart. For now price is near the upper end of the pattern. If price its not going to give a breakout on closing basis we may see another correction in reliance.
- Daily chart has positive divergence But price yet to close above 20 Day SMA for some strength for bulls to be seen.
- Weekly stochastic is oversold But yet to turn up.
- NIFTY WEEKEND UPDATE