- GLD weekly chart showing a shooting star or an Inverted hammer pattern.
- Price is still above the trend line as shown in daily chart. Breakdown below the trend line along with a MACD sell may give good downside for GLD.
- If bearishness continues into next week possible retest of the broken resistance line and 200 Day SMA looks possible.
- GOLD CHANNEL BREAKDOWN
- Daily chart shows price trending up above 50 Day SMA.
- Weekly chart shows a bullish engulfing pattern which should help bulls to continue this up move.
- Next resistance will be the 50% Fib level. Closing above 50% Level should take price to 22 Levels.
- Month chart too is looking good for bulls with a closing above 20 Month SMA. Month chart Price action should take stock to 22 Levels which is golden ratio as shown in 2nd chart.
- GOLD CHANNEL BREAKDOWN
- Dow Jones weekly resistance level at 12875.
- Week candle closing above this level would be perfect for bulls.
- Closing below this level will keep bears interested.
- GOLD CHANNEL BREAKDOWN
- Bidu is moving away from the triangle resistance line and away from 200 SMA.
- Closing above 200 SMA will confirm the bullishness.
- First hurdle above 200 SMA for bulls of this stock is 137. Close above 137 will lead to a bigger up move.
- DIAMOND OF DOW JONES
- MICROSOFT RESISTANCE LEVEL
- MSFT Monthly chart with triangle breakout and Resistance level.
- Current up move will hit 30.50 - 31.50 Zone which will act as resistance.
- This zone has acted as resistance many times in the past.
- Bearish weekly candles at this zone may lead to a reversal. Week candles should trade above this zone on closing basis for a bigger up move to happen.
- ES SUPPORT AND RESISTANCE LINES
- Daily chart of ES shows a rising wedge like pattern.
- Four hour chart shows breakout above 1329. Holding 1329 price may target the resistance line in daily chart.
- For bears price shall fall below 1329 and 1325 levels.
- GOLD CHANNEL AND GOLDEN RATIO
CHART-II
- Channel discussed below has given a breakdown. Daily chart is getting resisted near Golden ratio.
CHART-I
DAILY CHART
- Gold Hour chart shows an ascending channel.
- Daily chart is near resistance levels like golden ratio and previous swing high 1763.
- Break of channel support line may result in a correction.
- TRIANGLE OF COPPER
