- We saw a double bearish engulfing yesterday But price remains inside the range. Going up and down in between 50 and 200 DMA.
- Price closing below 5 Day Low Ema is being used as a buying opportunity because of the range. So one can wait till price breaks 50 Day Moving Average.
- Range 5496 - 5740
- Day Low EMA @ 5570
- 50 DMA @ 5515
- FLAG OF GOLD
CHART-II (UPDATED)
- Hour chart has a GAP between 130.65 - 131.32.
- Price fading the GAP and closing below it may take SPY to 129.63. GAP may act as support too.
CHART-I
- Price in 30 Minutes time frame is staying below 50 Period moving average which is encouraging for bears.
- Price has given a breakdown from rising wedge in favor of bears.
- Now breaking yesterday's low may extend profit for bears.
- AAPL Sailing smooth above the cloud.
- Price yet to challenge 50 Hour moving average after 330 levels.
- MACD is showing some exhaustion in price But this has to be confirmed by price by breaking the short term trend lines.
CHART-II (UPDATED)
- Hourly Bull flag gives gold yet another all time high as discussed below.
CHART-I
- This is a bull flag and mostly breaks on the upside.
- If there is no false breakout this one should give new high's for Gold
- ES Hour in a triangle pattern.
- If there is not false breakout price can move up to 25 points towards the side of the breakout.
- Breakdown will accelerate only if price breaks 200 Hour moving average.
- Price sustaining above 50 Hour moving average will favor bulls.
- ASCENDING TRIANGLE OF DOW JONES
- Nifty hour is near its 200 Hour moving average.
- Last two attempts to break this moving average has failed.
- Now if day closes below 200 Hour moving average we may be seeing a trend changing event.
- Day is not closed yet but chances of today's candle engulfing two bullish candles are there. Bull closing day above 5610 may give some hope for them.
- Volume analysis too favors bears for now.
- Bulls of nifty were trying to move away from the Pivot level of 5605 But their attempt was halted by RBI and price is back to this level again.
- For the series nothing has changed we are still right in the middle of the range.
- We can apply some physics here. This 5605 level is now acting like gravity. So either bulls or bears has to develop enough escape velocity to go out of this range. For now this attempt of bulls looks to be a failed one.
