- 4 Hour chart shows price testing crucial support resistance zone.
- 1300 being a round number has its importance as well.
- Gold bulls trying to hold on to this level to avoid bigger correction.
August 31, 2016
- Nifty daily time frame shows price making another Higher Highs. Trend continues to remain strong. Unless bears get a Lower low chances of a sustained fall will not start.
- The Diamond pattern. When price enters from below the pattern it mostly exits on the opposite side. Not a strict rule but most of the time it results in such moves. This pattern though managed to trap many traders on the down side before the larger trend resumed.
- Month chart shows the 6th Bullish candle being formed. The momentum in this time frame likely to take price towards the resistance zone shown
- NIFTY INTRADAY UPDATE
August 30, 2016
- Falling gold is approaching crucial support zone between 1310 and 1319. If price stays below the falling resistance line then this zone will be tested. More weakness only if 1310 level gets broken. Close back above the trend line may lead to a reversal.
- Nifty one hour chart shows the broad range in which price is trading for now. Price is moving towards the upper end of the range.
- Daily time frame shows price taking support at lower BB. Price for now is staying above 20 SMA. for now price is in bullish zone of the Range. Weakness only if price falls back below 20 SMA.
August 29, 2016
- Hourly charts shows support around 8540 levels. If bears unable to break this soon then price may move back into the range between 8600-8690. Immediate resistance for the current up move is the broken support of range around 8600 level.
- Daily rising support line was violated last week But bears are not getting follow up price action. Bears need a close below this line for bigger falls to follow.
August 27, 2016
August 26, 2016
August 25, 2016
- 4 Hour chart shows a triangle pattern. Breakdown below the support line will be ideal for the pattern as the bigger time frames are trending in favour of bears. Upper breakout may be limited to the broken support line of the bearish pattern shown in chart 2.
- Crude bears is trying to form a bearish Dark cloud cover pattern in weekly time frame.
- Week closing below 46 levels can confirm bearishness.
- For now price near crucial support resistance zone of 46.60. Sustaining below this level may extend correction. Crude bulls need to stay above this level to negate the above mentioned bearish view.