February 4, 2012

  • GLD weekly chart showing a shooting star or an Inverted hammer pattern.
  • Price is still above the trend line as shown in daily chart. Breakdown below the trend line along with a MACD sell may give good downside for GLD.
  • If bearishness continues into next week possible retest of the broken resistance line and 200 Day SMA  looks possible.
  • GOLD CHANNEL BREAKDOWN
  • Daily chart shows price trending up above 50 Day SMA.
  • Weekly chart shows a bullish engulfing pattern which should help bulls to continue this up move.
  • Next resistance will be the 50% Fib level. Closing above 50% Level should take price to 22 Levels.
  • Month chart too is looking good for bulls with a closing above 20 Month SMA. Month chart Price action should take stock to 22 Levels which is golden ratio as shown in 2nd chart. 
  • GOLD CHANNEL BREAKDOWN
  • Dow Jones weekly resistance level at 12875.
  • Week candle closing above this level would be perfect for bulls.
  • Closing below this level will keep bears interested.
  • GOLD CHANNEL BREAKDOWN

Disclaimer

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.

Followers

Blog Archive

Powered by Blogger.

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