January 21, 2015

GOLD Chart update

  • Gold weekly chart shows price testing the cloud. Gold bears need a bearish candle at the cloud.
  • 4 Hour chart shows Higher Highs and lows. Price yet to give a lower low for the current up move.
  • Weakness on price closing below the hourly cloud.

ES Chart analysis

  • ES Daily chart shows price holding above 200 Day SMA
  • 4 Hour chart shows price contraction. closing outside these lines may give faster Directional moves for ES.
  • 4 Hour chart shows price trying to move above the cloud. Last attempt to stay above the cloud failed.

RELIANCE Industries chart analysis

  • Reliance industries if stays above the weekly support line shown in first chart can give bigger up moves.
  • Price is stuck in a descending channel as shown in second chart. Bulls need price to breakout of this channel.
  • Staying above 930 will favor reliance bulls. Weakness continues below this level.