June 29, 2012
- Nifty hour chart shown with range breakout with target near 5300 levels.
- Month chart shows 5 Month High EMA near 5330 level and a falling resistance line in month chart which may act as resistance. Moving passed above these levels could lead to a bigger breakout. For bulls need a close near the high of the day week and month to sustain the bullishness to the next month.
Falling wedge updated
- Gold testing the weekly support levels.
- But four hour chart of gold is showing a possible Falling wedge pattern which is a bullish reversal pattern. For it to work well price need to hold on to the current lows near 1550 and bulls must hope for a breakout above the falling resistance line of the wedge shown in last chart.
- SILVER HITS LONG TERM TREND LINE
- Silver at make or break levels.
- Price hits the long term trend line and crucial weekly horizontal support line. Trading below 26.02 could lead to the 78.6% Fib level shown in last chart. A bigger fall is possible only if price falls below this level.
- Crucial support levels can also give an over sold bounce.
- JP MORGAN CHASE RESISTANCE LEVELS
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.