- Gold Hour chart shows strong support from the cloud.
- Price movement likely to be negative for bulls in hourly chart because of the resistance line.
- Bigger correction will not be possible as long as price stays above hourly cloud.
February 8, 2017
- Crude oil 4 hour chart shows price violating the support line. Crude price is trying to move above this line.
- 30 Minutes chart shows price testing the cloud. Staying below the cloud will favour crude bears. Crude bulls need price to move back above the cloud.
- One hour chart shows the 10 Point range.
- Last chart shows 38.2% and 50 Period SMA as crucial support levels in 4 Hour time frame.
- Second chart shows a possible contraction pattern in which price is likely to stay especially if price falls below 2280 levels. Bullish above 2294.
- Nifty 30 Minutes chart shows the bounce from the trend line.
- 50 Hour SMA too is acting as support for now.
- High of 8813 is crucial. Once this level gets crossed again Nifty will move towards 8900 plus levels.
- Bigger worry for bulls only if levels like 8715 and 8672 gets broken.
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