July 20, 2016

  • For gold bulls the levels to hold are 1310 and the up trend line shown in chart 2 both in 4 hour time frame. Sustaining below 1310 longer will strengthen gold bears further.

  • EURUSD One hour chart shows price contraction. Although Hour is trending down this pattern is a possible bullish reversal one. For EURUSD Bulls price need to move above hourly cloud for bigger reversal to happen. Price unable to move above the cloud will favour EURUSD Bears.
  • GOLD Triangle Breakdown
  • Gold One hour shows price breaking below the triangle consolidation.
  • 4 Hour chart shows approaching support levels. If falls below 1320 then 1310 levels are likely to act as support. Bigger correction if 1310 level is not hold on closing basis.
  • Wipro share price opened nearly 6% Down following its results announcement. But despite the volatility if one sees the Larger time frame the stock has not moved that much. Weekly chart shows stock still stuck in a 100 Point range.
  • Month chart shows price in consolidation. This consolidation is happening in a larger up trend. So mostly it resolves in favour of Bulls. But then its tough to predict the exact direction and timing of breakout.   


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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