- Silver daily chart shows support line between 29.89 - 29.93. Second chart shows daily chart with fibonacci support levels.
- Third chart shows weekly fibonacci levels, 23.6% is acting as resistance for now. Last chart shows hourly time frame in a range which should be resolved for a bigger move to happen.
August 30, 2012
NIFTY WEEKLY CHART
- Nifty fall pausing at 50 Day SMA.
- Breaking day low and 50 SMA could fill the GAP shown in 2nd chart completely and may target 38.2% Fib level at 5188.
- For bulls price must get back above 23.6% Fib level to avoid a bigger fall.
- Shooting start shown in weekly chart has been doing well so far.
- TATA STEEL CHART ANALYSIS
- Tata Steel daily chart shows a Head and shoulders breakdown.
- Weekly chart shows price violating crucial support at 382.
- Bulls of tata steel badly need an intra week rally to close the week above 382.
- Next major support at 331 levels. 78.6% at 367 levels may act as a support.
- NIFTY WEEKEND UPDATE