October 17, 2013

GOLD Chart analysis

  • Gold 4 hour chart show bullish price action. Immediate resistance level near 1330 levels. Daily close above 1330 level may help Gold bulls to target the upper Bollinger band shown in last chart
  • ES Resistance lines

ES Resistance lines

  • ES 4 hour chart shows price nearing recent resistance lines. Daily chart shows possible sloping resistance line. One hour chart shows price making new high's

Bank Nifty Support and Resistance levels

  • Bank nifty shows strong resistance at 100 Day SMA. This has to be taken out on closing basis for a bigger up move to happen.
  • Daily chart also shows a bearish engulfing pattern.
  • Last chart shows crucial support levels for Bank Nifty. A lower closing today would confirm or strengthen the bearish engulfing pattern.