December 22, 2016

 
  • Week and Month chart shows pair violating crucial support zone at 1.0456. Another weekly close below this zone will strengthen bears of eurusd. Month close below this zone may lead to a bigger breakdown of eurusd.
  • For now Daily chart shows. This bounce may hit resistance between 1.0520 - 1.0550 zone. For a bigger bounce price must sustain above this zone.
  • GOLD Month charts
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  • Nifty daily is moving towards crucial support resistance zone. 
  • As discussed earlier this zone is also the neck line of a Bearish head and shoulders pattern.
  • Fib chart shows 7891 at 50% Retrace level.
  • So bulls need to stay above 7890 to 7920 zone to avoid a bigger breakdown.
  • GOLD Month charts
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  • Nifty bulls will remain weak below 8057. Daily close below this level will strengthen bears further. So bulls need to get back above this level if they can to avoid further bearishness.
  • 15 Minutes continues to trend strong in favour of bears below the cloud. 15 Minutes cloud gave a good sell entry yesterday as shown in the chart. Cloud works well in trending phase.
  • NIFTY BEARISH PATTERN
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"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