November 30, 2016

  • 4 Hour chart shows the falling resistance line and 50 Period SMA as immediate resistance. 1170 and  1197 are crucial numbers in 4 hour time frame.
  • More weakness for gold if stays below 1170, Price could slip towards 1140 if sustains below 1170. if price stays above this zone then gold bulls may move towards 1200 levels.
  • CRUDE OIL rises from 200 SMA
  • Crude oil daily chart shows price rising from 200 Day SMA.
  • Price testing minor resistance zone between 48 and 49. If price moves above this level then the weekly Resistance line shown in last chart will be tested. Weakness near 49 will keep price within this range between 43 and 49.
  • Weekly chart has a Big bullish pattern this will be activated only on a breakout above the resistance line near 52 levels for the current week.

  • Nifty one hour continues to stay above 50 and 100 Hour SMA. Bulls need to stay above this level to avoid another fall towards recent lows.
  • 15 Minutes chart shows 8130 and 15 minutes cloud as crucial levels for intraday bulls. Weakness if price starts to trade below these levels.
  • More strength if price stays above 8196 levels.

  • Nifty daily chart shows a bearish shooting star like candle at 200 Day SMA. This one need follow up price action for bears. More weakness below 8130 levels. Hourly chart too shows price above 50 and 100 SMA These support levels must go as well for a bigger fall to resume.
  • Bulls need to protect 50 and 100 Hour SMA To avoid bigger correction.
  • CRUDE OIL support and resistance 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