On 29th January and Again on 3rd April i did posted that we are surely showing some more downside on gold and we achieved my 2cd tgt 25000 on GOld..My third tgt was around 21500 which is active now. I feel gold could further go down to 19300/16300 but 22500 is strong support and we could see a break to sliding of precious metal. So our strategy on Gold could be shorting gold on each rise with sl of 27200 with target of 22500.
On 30th October 2012 post , i gave target of 62.80 on USD/INR but most of you would have laughed it out, but today are just little far to that target. But i would like to update you all on the same.As RBI is stepping in to protect rupee and even chart says so that now we might see rupee getting stronger upto targets of 59/57.30/56.30/55.85 So strategy is simple to short dollars currently with SL of 60.80
It was the perfect morning for all traders as we saw a gap up opening after a long time. But for technical followers close was more perfect than opening as the closed exactly depicts a perfect bullish reversal pattern “a morning star”. All the three candles included in the pattern have shown a perfect resemblance to the pattern characteristic of morning star, i.e., both the end candles have a gap with respective to middle candle. Looking at the other side, nifty has closed back above 200 EMA which is a positive sign. Car is back on track as nifty is back in the channel. Though Channel is in down trend but it has all the possibilities that channel may be breached on upper side too with heavy volumes. Fingers crossed!!! But we are still long as i mentioned in the last post with all the upside target intact.
Nifty has been witnessed riding in the channel since last 2 months and today we saw low at that support line for 3rd time in same channel. 5750-5794 is the strong support range on the nifty charts as many technical points are clustering around the same level. Still i am not seeing much downside to gain if we short from current levels. So right now risk takers are advised to go long with sl of 5750 and safe traders are advised to take long position over 5883 with short term targets of 5960/6080