Skip to main content

Bullion Intraday Road Map for Feb 29, 2012


Gold: currently trading at 1787.43, day trading range will remain between 1760-1805, trend is up. Immediate support placed at 1778 a failure below 1778 will take it to 1772-1766 but 1760 will remain key support for the day and break below 1760 is less likely. Major resistance seen at 1805 above that rally till 1820-1832 area can’t be ruled out for short term.

Silver: currently trading at 36.95 day trading range will remain between 36-38.40; trend will remain up for the day. Yesterday silver has broken out its critical resistance of 35.70 and made 37.20 as day high. Immediate support placed at 36.60 failures below 36.60 may take it to 36.20-36 but 36 can act as good support for the day. No major resistance seen till 38.40 that is likely to taste in very short term. Overall this rally is open till 38.20-42 area in short term. 
Labels:

Comments

Post a Comment

Popular posts from this blog

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

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