September 28, 2015

  • Gold daily shows a triangle pattern. Volatility likely to increase as price is likely to move out of the triangle soon. Price sustaining below 200 SMA will favour gold bears. Any bullish moves are likely to be small as price in weekly chart is trading close to the cloud which has been acting as strong resistance for many months now.

  • Tata Motors daily chart continues to give new lows and staying below the cloud. no possibility of a bigger reversal till price stays below daily cloud.
  • There is hope for a reversal as price nears monthly cloud. But that will remain a hope till we see a monthly bullish candle at this level.
  • Weekly chart shows price testing crucial support zone at 300. Below this level bigger corrections are possible. Bulls need to stay above this zone.


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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