February 5, 2014

Triangle pattern of Gold

  • Gold 4 Hour chart shows a triangle shaped contraction. Breakout can give bigger moves. 
  • Breakout or breakdown can give good direction if price violates either the 100 Day SMA on the upside or 50 Day SMA on the downside.

NIFTY Chart update

  • Nifty Bulls managed to hang above 200 Day SMA. More panic for bulls only on price closing below 200 SMA.
  • Daily chart shows the falling 5 Day High EMA as immediate resistance level. If price reverses the broken support zone of 6129 - 6139 may act as resistance.
  • Weekly chart shows candle taking support at 50 Week SMA. Bears need to close the week below this line to extend gains.