Skip to main content

Gold Weekly Close below 1508 would confirm a decline till 1460-1430

As per this trade setup gold is trading at 1507.90 and 14 period RSI has broken previous support on weekly chart and its 14 period RSI is moving in a channel since Nov, 2009 and weekly RSI has broken its previous support that is suggesting momentum remains negative and weekly close below 1508 would signal a decline till 1422-1430 in medium term. A minor support can take place around 1460 also and a weekly close above its horizontal resistance above 1555 would signal a failure in down trend and immediate small resistance seen around 1532 levels. Low risk trader can use that level as their stop loss in their short sell. 
Labels:

Comments

ram said…
nice chart work.and good technical analysis.u r the best and be the best
June 24, 2011 at 9:36 PM
sudarshan dhakal said…
Sunil bhaiya you are really a great technical analyst.Getting linked with you is really a matter of great pleasure for us.By seeing your analysis we have also got chance to learn some things.So happy to get your support.I wish you go on rocking the market.
June 24, 2011 at 10:16 PM
Sunil Rathi said…
Thank u so much both of u Ram Bhai and Sudarshan ji
June 24, 2011 at 10:38 PM
ram said…
Its time to start ur paid service.
July 5, 2011 at 10:27 PM
Post a Comment

Popular posts from this blog

LIC Housing Finance; time for bulls?

  LIC HOUSING FINANCE settled at 321.90 up by 5.78% on Tuesday. Stock had been staying in a consolidation phase that took shape of an ascending triangle and in today’s session it broke through the resistance line of this triangle consolidation and settled well above key resistance of 312 suggesting dominance of bulls. Stock has been staying above its 9 days SMA on daily chart keeping a short-term bullish trend in picture. Stochastic is now approaching overbought territory along with bullish cross above its signal line suggesting a strong bullish momentum. MACD has been staying in positive territory and now its parting upward from its signal line suggesting development of fresh bullish momentum. Direction and momentum are two important components for any chart to anticipate future price movement and current trend and momentum on chart provided above is suggesting bullishness. Breakout of triangle pattern can be used to determine potential destination for current move and if th...
Post a Comment
Read more

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions. 
Post a Comment
Read more

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen.  On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...
Post a Comment
Read more