August 27, 2015

  • Gold week and daily chart shown with resistance levels. Daily shows bulls struggling as price moves towards 200 SMA. Gold bulls need a daily close above 200 SMA for potential reversal to happen. But then the Weekly cloud is acting as long term resistance which is going to be tough to cross above in the near term.

  • DLF Weekly shows a possible falling wedge pattern. This pattern mostly works against the prevailing trend. For the pattern the levels 136 and 93 are crucial . One has to see a weekly close above 136 to confirm the pattern. While a close below 93 will keep the down trend intact.


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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