- Gold tried to move above the falling resistance line But met with resistance at higher levels.
- Price has manged to stay above 50 Period SMA largely because of the sideways move.
- For a Bigger reversal to happen Gold need to close above 1144 levels in bigger time frames. Weakness resumes below 1128 and 1124 levels.
December 27, 2016
- 15 Minutes cloud has given good sells so far. It looks easy since its a trending phase. We all know that cloud in shorter time frame like 15 minutes will become choppy in sideways market. But as long as the trend stays its your friend.
- Immediate hourly levels to look are 7942 at the top and 7894 at the bottom which was the recent low. Bigger direction only on resolving the above mentioned levels.
- NIFTY EOD Update(Bearish possibilities)
- Morning update with possible support levels
- 7896 is crucial as seen in the Retrace levels. Weekly fib chart shows 50% at 7896 If bears keep price below this level next target is the Golden ratio at 7644. Having said that this 50%(7896) level is a good place for an oversold bounce.
- Next chart is the Long term support line of nifty drawn from 2200 levels. If bears are successful in keeping below 7900 then this line is likely to be tested in the short term(one or two months)
- Last chart shows death cross. One has to note that death cross happens after an extended correction so the Risk of a swift bounce against the prevailing trend is imminent. For nifty to change its bearishness price need to move back above 200 SMA Which for now is at 8249.
- NIFTY EOD Update(Bearish update)
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