Gold on MCX has witnessed a nice decline in today’s session and it has headed a low of 24451 for the session and currently trading at 24550. As we can see on chart provided above a three pint bullish divergence is clearly visible on MACD and RSI indicators. Recently we have seen a bullish engulfing candle on hourly chart that hints possibilities of a bullish setup here. Considering current scenario favorable for a bullish trade on can look for a long trade in gold near the areas of 24530-500 with stop loss below 24450 for targeting 24670-24750-24870 and more upside.
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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