November 24, 2016

 
 
  • EURUSD Month and Week time frame shows price nearing a possible support zone.
  • Pair need to stay above 1.0456 levels for a reversal to happen.
  • Hour chart showing price continues to trend below 100 Hour SMA.
  • Hour may turn bullish only when pair moves above 100 Hour SMA line and stay above 1.0622 levels.
  • Strength in Dollar can also lead to the Pair breaking below the Month support zone.
  • GOLD Chart Update
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  • Gold continues to show bearish price structure in 4 Hour time frame. New lows are being formed. Gold bears will remain strong below 1200 levels. Gold bulls need to stay above 1200 and 1220 levels for a reversal to start.
  • The weekly support levels discussed yesterday continues to be valid. If gold bulls manage to stay above them a reversal is possible. Gold bears need a close below Weekly cloud to extend gains.
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  • Tata Motors hour chart shows price trading in a range between 450 and 475.
  • Hour chart also shows a GAP down from which the stock is yet to recover. Price moving sideways in a range with an Unfilled GAP above it.
  • If the 200 SMA at 450 levels fails to hold the GAP shown above will stay unfilled for some months. So bulls of TM must hold on to 200 SMA To avoid bigger correction.
  • NIFTY One hour and 15 Minute Charts.
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  • Nifty one hour shows 50 Hour SMA as immediate resistance line for bulls.
  • 15 Minutes chart crucial numbers for the day
  • Weakness if stays below 7973 
  • 50 Hour SMA and 8048 will act as resistance levels for now.
  • GOLD at weekly support levels
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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