- Crude oil testing Golden ratio in weekly chart.
- Daily chart shows price moving above 200 Day SMA. Sustaining above this level should extend this up move.
- Last chart shows a possible resistance line which may give a pause or a small correction.
- GOLD TRIANGLE BREAKOUT
August 21, 2012
- Nifty hour chart shows support at 50 Hour SMA.
- Bears need an Hourly closing below 50 Hour SMA
- Price sustaining above 50 Hour SMA Will continue to favor bulls of nifty. 15 Minutes chart shows a broadening pattern. Broadening top patterns are generally bearish in nature. But in this case if price trade above 5400 - 5415 level it will lead to another breakout in favor of bulls.
- HINDALCO CHART ANALYSIS
- Last chart does not show today's price action But is shown to explain the down trend of the stock. Price is trading below 200 SMA and the daily cloud which will continue to favor bears.
- First chart shows a rounding top kind of pattern with crucial support broken at 112.
- Crucial support at 78.6% Fib level is being tested. Break of this level may take stock towards 105 levels which is the next major support.
- Silver has given a breakout from the Ascending triangle pattern which was discussed in an EARLIER POST.
- Now price must close above 200 Day SMA and 23.6% Fib level to sustain the momentum
- Failure to trade above 23.6% Fib level will be negative for silver bulls. This level has acted as resistance before as marked in the chart.
- GOLD ASCENDING TRIANGLE
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