April 25, 2013
- Gold 4 Hour chart shows price testing crucial Fibonacci resistance levels.
- One hour chart shows a bullish cross in chart with 50 and 200 Hour SMA. Price sustaining above these moving averages should result in a bigger pullback.
- Daily chart shows the target for this up move at the broken support line of the channel. A bigger up move can happen if price reenters the broken channel.
- Weakness below 1425 and 1400.
- Tata Steel trying to stay above 20 Day SMA. Previous attempt to stay above this was failed and resulted in a bearish trade.
- Price also continues to trade below the falling resistance line.
- Weekly MACD is looking good for bulls But price yet to trade above 5 Week High EMA which is at 320 levels.
- So Strength only if price is able to trade above 319 - 321 levels. Weakness on closing below 300 levels
- SBI CHART ANALYSIS
- SBI Daily chart shows a bearish engulfing pattern.
- Weakness is seen at the Golden ratio which increases the significance of the pattern.
- Any candlestick pattern needs confirmation so in this case a one should also look at the weekly chart. Weakness will extend if price starts to trade below 20 week SMA. A weekly close below this will favor bears of SBI.
- TATA STEEL CHART ANALYSIS
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