April 9, 2013

GOLD Resistance levels

  • Gold daily chart with resistance levels.
  • Price near daily cloud and 50 Day SMA Which has acted as stiff resistance level so far. 23.6% Fib level may also acted as resistance.

ES in a range

  • ES Shows a small range around the 78.6% Fib level.
  • breakdown should take price towards the Golden ratio again. Breakout should takeout the recent high.

SBI Intraday update

  • Breakout turned out to be a false spike out of the channel. When pattern fails it mostly gives good trades on the opposite side. Price re-entering  the pattern is a good place to take a short in this case. 
  • SBI Has given  a channel breakout shown in 15 Minutes time frame.
  • Immediate targets or resistance levels are 2071 and 2084

BANK Nifty Chart update

  • As shown in the last chart if price continue to sustain below 11125  -  11225 zone bears will gain further strength.  
  • For bulls the task is simple, Price has to move back above 50 Week SMA and the above mentioned zone for a possible up move towards the broken up trend line shown in first chart. 
  • Sustaining below 11125 - 11225 should lead to 10900 , 800 and 700 levels.