- Nifty bulls badly need a bounce from 7900 levels to avoid bigger correction.
- Second chart shows price trying to replicate left hand side. There is bound to be a bounce soon and if the bounce is within the channel bears will remain interested.
- Bulls saying its oversold But when the financial instrument is in a trend the bounce will take its time to come.
- Bears will remain strong below 7900 levels.
- For bulls a bigger and stronger turnaround in their favour will only happen if they are able to make it back above 200 SMA.
- NIFTY Bearish pattern
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- Weekly chart shows the consistent breakdown of price to form new lows.
- 4 Hour chart shows the next crucial support zone.
- But month chart is showing some hope for bulls as price is nearing possible support line. Some more correction needs to happen before price test this line.
- CRUDE Oil Weekend update
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- Crude oil continues to stay above the breakout zone.
- Weekly chart is missing momentum after breakout.
- Crude bulls need a Month close above the resistance zone to keep the bullishness intact.
- Weakness only if price falls back below 50 levels.
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- US Dollar Month candle yet to show weakness. But the Dollar bulls need the Month close to be at the current levels or Higher. Any close towards 100 lower will indicate weakness
- Weekly chart shows a range breakout Targeting 108 levels. Staying above 100 this target will be achieved in the short term. Weakness only on week or month closing below 100 levels.
- GOLD Triangle and Trend update
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- Gold 4 hour chart continues to show the lower lows and strong bearish trend.
- But the Triangle in one hour is showing some hope for gold bulls. A Breakout on the upside and a move past the 50 SMA in 4 Hour time frame can give a decent bounce.
- On the contrary if triangle support breaks the prevailing trend will become stronger.
- GOLD Month charts
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- Week and Month chart shows pair violating crucial support zone at 1.0456. Another weekly close below this zone will strengthen bears of eurusd. Month close below this zone may lead to a bigger breakdown of eurusd.
- For now Daily chart shows. This bounce may hit resistance between 1.0520 - 1.0550 zone. For a bigger bounce price must sustain above this zone.
- GOLD Month charts
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- Nifty daily is moving towards crucial support resistance zone.
- As discussed earlier this zone is also the neck line of a Bearish head and shoulders pattern.
- Fib chart shows 7891 at 50% Retrace level.
- So bulls need to stay above 7890 to 7920 zone to avoid a bigger breakdown.
- GOLD Month charts
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