May 7, 2013
- The long shadow of the weekly candlestick formed when gold fell to 1321 is so far giving good support for Gold. The consolidation in weekly chart after the fall and bounce is happening above the tail of the candle.
- So for Bulls of hold its important to stay above 200 Week SMA and 1404. Price falling below 1404 means price moving towards the lows again which will weaken this weekly candle with long shadow.
- Reliance Industries closed above 200 Day SMA. Previous attempt to stay above this level was not successful so one has to see if price is able to cross the resistance of 827 on closing basis to extend the current up move.
- Weekly chart too is testing 5 Week High EMA. Weekly close above this level may give good up moves.
- For the day 827 is crucial sustaining above it can give good intraday up moves for reliance.
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