LET THE MARKET TELL WHO WE ARE

Silver spot has been trading in a descending parallel channel and now breaking through rising support of ascending triangle pattern within this channel indicating resumption to bearish direction. However a bullish crossover has happened on short term and long term moving averages but no follow up buying seen and reversal occurred from resistance line of descending channel. MACD is hovering near zero and any move below zero would be added advantage for silver bears. Immediate support is now seen near 19.40 and any failure below this level would call for a retest to 18.90 zones. 18.30 zones. Key support remains at 18 and any failure below 18 would bring 17-16.70 on cards. Resistance is now placed at 20.10 and then at 20.60 any sustained move above 20.60 would neglect bearish expectations in this metal and then recovery can’t be ruled out for retest to 22 and more upside. Recommendation: selling silver on jumps around 19.70-19.90 with stop loss above 20.30 for targeting 18.90-18.30 and ...

Nifty spot is getting good support near 6130-6100 zones and has witnessed a nice jump from those levels. A potential rounded top is clearly visible on daily chart of Nifty that hints the weakening momentum but weakness is not yet confirmed by price action and technical indicator MACD. As we can see in chart provided above MACD has given bearish cross below signal line but holding above zero line that favours 6100 as very crucial support. Any failure below 61000 would confirm weakness in this index and then primary target for bearish swing would be support placed in November 2013 that was around 5965. In general stability above 6100 remains supportive for Nifty bulls and sustained move above 6355 would bring more charm. Recently Index has broken out above the neck line of inverse head and shoulder pattern that suggests a target for 6700 for current swing. Overall this rally is open for a retest to 6700 zones. Any failure with closing below 6100 would neglect this bullish outlook and th...

Gold spot is witnessing double bottom at 1180 zones and nicely jumped after hitting 1182 during this decline. Bullish AB=CD pattern is also clearly visible on daily chart and has completed its CD leg at 1182 and now suggesting bullish resumption from point D which is exactly near prior bottom of 1180. Prices have climbed above 25 days SMA which stands at 1220 and now getting support near the same. 14 periods RSI is also showing bullish divergence and supporting reversal in this commodity. Immediate support is now placed at 1220 and stability above this level remains bullish whereas failure of 1220 with daily closing may trigger bearishness and then retest to recent lows around 1190 and more down side can’t be ruled out. Resistance seen near 1250 zones and sustained move above that level would bring 1270 on cards. Key resistance remains at 1272-75 zones and sustained move above 1272 would result in a rally towards 1300-1360 zones in coming days. Recommendation: buying gold around 12...