- Gold continues to contract inside the triangle pattern. Price is near the apex of the pattern.
- Daily cloud will act as strong resistance in case of an upper breakout. For a stronger up move to happen price must start to trade above the cloud.
- Breakdown will see an extension of the earlier down move.
- Facebook one hour chart shows a triangle pattern.
- Bulls need to stay above the cloud and 100 period SMA for bigger moves to happen.
- Breakdown below the triangle will lead to an extension of the previous down move.
- ES 4 hour chart shows price getting support at 200 period sma
- Price is nearing the apex of a triangle pattern which is likely to increase volatility on breakout.
- Fib levels gave a sell at golden ratio last time. If the breakout from triangle tests this level again its likely to favor bulls.
- Nifty one hour chart shows crucial support for bulls at 50 Hour SMA.
- 4 Hour chart shows fib support at 38.2% Fib level.
- Price staying above these levels may resume the up move.
- Weakness on price closing below 50 Hour SMA
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- The infosys support levels discussed yesterday has worked well.
- Bearishness of staying below 50 and 200 SMA is still there But for now Infy bulls are able to bounce from key support levels. This bounce may last only till the key averages which were broken recently.
- INFOSYS DEATH CROSS AND SUPPORT ZONE
