December 20, 2016

  • Gold month chart shows a possible support line rising from 681 levels through 1046. This support line for this month falls around 1096 for this month.
  • If this line is not held then price may test 1046 levels.
  • 4 Hour chart shows strong trend below 50 Period SMA. No reversal or bounce in sight as price continues to get resist at 50 period SMA
  • SILVER Month Chart

  • Nifty Daily shows a bearish head and shoulder pattern. Before discussing the Targets of the pattern we should see the immediate levels first. 8056 level should be broken for the pattern to progress further. Below 8056 bears should be able to test 7916 level to complete the pattern formation. So First bears need to stay below 8056 for the pattern formation to progress.
  • Rules of the pattern suggests possible 700 points on the downside approximately. Since the pattern is so obvious its questionable how its going to work. But i am just showing what's there on the chart. What bears need to see is the Death Cross and break below 7900 levels.
  • CRUDE Oil chart update


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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