January 22, 2015

  • Momentum in one hour chart continues to favor Bulls of Gold.
  • Weekly chart is not helping bears with any major weakness. If the swing high in hourly chart is taken out a bigger breakout is possible.

  • Tata steel daily time frame continues to be in strong down trend. Bulls continue to suffer from the Death cross. This will be effective till prices stay above 50 Day SMA. Hope for Tata steel Bulls only if price is able to sustain above 50 Day SMA.
  • For now if the recent low of 372 is held a counter trend move towards the falling resistance line looks possible. One should look for weakness at higher levels. counter trend trades can be risky to take....


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore