January 3, 2017

  • False breakout usually gives fast result on the opposite side that's what happened here.
  • Now 52.10 levels and 100 SMA are crucial. Price is already below 100 SMA. If 52.10 is not held then bigger correction is possible.
  • Staying above 52.10 and moving above 100 SMA can avoid a bigger fall.
  • GOLD Support levels

  • If the support levels shown holds Gold likely to resume the bounce.
  • Weakness only if price stays below 1144 and 1136 levels.
  • Staying above 1144 price likely to move towards 1160 levels again.
  • 4 Hour chart shows price moving up from 200 Period SMA.
  • Immediate resistance at 50 Period SMA and if bulls move above this line it could lead to 2273 levels. Weakness at 50 Period SMA may give an intraday sell.
  • CRUDE Oil bullish price action

  • Crude oil shows bullish price action as price has moved out of the Ascending Triangle.
  • 54.36  -  54.50 should be be held by crude bulls to avoid weakness. This time frame will start to favour crude bears if price starts to trade below 53.41 levels.

  • Nifty 15 Minutes cloud trade continues from 7959.
  • Crucial support numbers in 15 Minutes are 8148 and 8134.
  • Hour shows crucial high's at 8228 and 8274.
  • Price sustaining below 15 Minutes cloud will hint first sign of weakness for this up move. 

  • Nifty daily moving into the daily cloud. Price likely to move towards the top of the cloud, The recent swing high is 8274. For a bigger reversal price need to stay above the cloud which is unlikely to happen.


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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