Gold approaching down sloping trend line of descending parallel channel and 50 EMA on 240 minute chart and testing lower line of bearish flag within this channel. Gold bulls need to show more power to establish a bullish direction above 1730 zones. Stability below 1730 still looking supportive for bears and whipsaw trades may trap both sides. MACD hovering under zero line supports a bearish trend and stability needed above 1730-35 zones to neglect the bearish signals.
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...
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