August 10, 2015

  • Gold weekly chart shows price trying to form a support zone. But daily chart has a bearish pennant which is a bearish continuation pattern. Strength above 1100 levels and more weakness below 1070 levels.

  • Tata motors daily chart continues to stay below 50 Day SMA. Recent bounce was due to the Positive divergence shown in last chart. This divergence bounce will be effective only if price is able to move above 50 Day SMA. Till price stays below 50 SMA the effects of Death cross will remain intact.

  • Nifty has a death cross in place but price for now is staying above both 200 and 50 day sma. For bulls the resistance is seen at Golden ratio as shown in chart 2. Bigger up moves will not be possible till price stays below this level. So for now price is in a range between 8300 and 8650.


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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