September 1, 2016

  • Gold 4 hour chart shows price continues to fall down in channel
  • Hourly cloud continues to keep price below it. gold bears will remain strong below the cloud.
  • There is a falling wedge pattern which will favour only if price starts to trade above 1314 and 1318 levels.
-->

  • Crude oil 4 hour chart shows price falling from the Descending triangle pattern. Price could not hold above the rising trend line drawn in the same chart. Next possible target or support level if the fall continues is the 50% Retrace level drawn in Daily time frame.
-->

  • 4 Hour chart shows price crawling back into the range. But the up move does not look strong.
  • As far as price goes the crucial support level is between 2157 and 2164.  Daily chart also shows a rising support resistance line and 50 Day SMA as crucial support levels.
-->

Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

Followers

Blog Archive

Powered by Blogger.

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