As we can see in chart provided above, a nice down trend has been apparent in Gold spot. Commodity has recently broken through the support line of symmetric triangle and headed a low of 1277 after break down. The Base of this triangle has the range of 82$ which hints a decline of 82$ from the breakout level which was around 1320 zones. As per the triangle breakout now gold has the potential to hit 1240-1234 zones. 14 and 40 days EMA pair has been working well in this commodity and now 14 days EMA has given a bearish cross under 40 days EMA that also indicates that a down trend is in place. Immediate resistance is now placed near 1320 and then 1340 zones. Any sustained move above 1340 zones may negate the recent bearish developments of this commodity and then it may try moving towards 1390-1400 zones otherwise metal is open for a retest to 1240-1233 zones.
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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