- 4 Hour chart shows price testing crucial support resistance zone.
- 1300 being a round number has its importance as well.
- Gold bulls trying to hold on to this level to avoid bigger correction.
August 31, 2016
- Nifty daily time frame shows price making another Higher Highs. Trend continues to remain strong. Unless bears get a Lower low chances of a sustained fall will not start.
- The Diamond pattern. When price enters from below the pattern it mostly exits on the opposite side. Not a strict rule but most of the time it results in such moves. This pattern though managed to trap many traders on the down side before the larger trend resumed.
- Month chart shows the 6th Bullish candle being formed. The momentum in this time frame likely to take price towards the resistance zone shown
- NIFTY INTRADAY UPDATE