August 18, 2012



  • Ascending channel and MACD Buy signal keeping the up move going.
  • Price and MACD Histogram continue to diverge without any effect on price. Bears are hoping for a double top kind correction from 1422 levels.
  • Last chart shows the possibility of 1422 level getting broken and a possible up move towards 1445 levels before a major fall could happen.
 

  • NIFTY Bulls could not clear the weekly resistance levels clearly.
  • Bulls must trade above 5400 for achieving higher targets. Week sustaining above 5 Week High EMA currently at 5323 will keep the bullish hopes alive.
  • Weakness below 5348 as shown in last chart. Closing week below 5323 which is the Week High EMA should give a bigger correction.



  • Silver daily chart shows an ascending triangle pattern.
  • Resistance is at 100 Day SMA and 20 Week SMA.
  • Bulls would need a breakout above both these levels for the bullish pattern to work well.
  • Unable to cross the above levels will keep the range bound moves going in Silver.


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"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