- Gold four hour chart shows a bullish ascending triangle formation.
- One should also note that pattern is being formed after a big fall. So this consolidation may lead to a continuation of the previous fall.
- For bulls price should sustain above 100 Hour SMA.
- Sustaining below 100 hour SMA will favor bears.
- SPX Went near 50 SMA and started correcting.
- A bearish candle @ 50 SMA is the combination bears have been waiting for.
- Unable to close above 50 SMA will favor bears.
- For bulls There is time till closing bell to make a positive close above 50 day SMA.
- Price is staying above its 50 Day simple moving average.
- Daily candle is about to test an important resistance line.
- Bulls seems to have the advantage especially the way price has moved up in a short period of time. So they should have enough momentum to break above the resistance line.
- Nifty Weekly chart with fibonacci levels.
- Price is moving around the 38.2% Fib level.
- weekly closing above 4774 may help bulls for sometime.
