July 20, 2016

GOLD Chart update

  • For gold bulls the levels to hold are 1310 and the up trend line shown in chart 2 both in 4 hour time frame. Sustaining below 1310 longer will strengthen gold bears further.

EURUSD Falling wedge pattern

  • EURUSD One hour chart shows price contraction. Although Hour is trending down this pattern is a possible bullish reversal one. For EURUSD Bulls price need to move above hourly cloud for bigger reversal to happen. Price unable to move above the cloud will favour EURUSD Bears.
  • GOLD Triangle Breakdown

Gold chart analysis

  • Gold One hour shows price breaking below the triangle consolidation.
  • 4 Hour chart shows approaching support levels. If falls below 1320 then 1310 levels are likely to act as support. Bigger correction if 1310 level is not hold on closing basis.

Wipro Chart analysis after results

  • Wipro share price opened nearly 6% Down following its results announcement. But despite the volatility if one sees the Larger time frame the stock has not moved that much. Weekly chart shows stock still stuck in a 100 Point range.
  • Month chart shows price in consolidation. This consolidation is happening in a larger up trend. So mostly it resolves in favour of Bulls. But then its tough to predict the exact direction and timing of breakout.