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Gold- 60K+ possibleLooking at monthly chart for Gold, there are multiple technical parameters that are asking for a buy. After the top, gold fell to almost 44k which Fibonacci level of 0.618 on Monthly chart. It reversed from there and now forming a Cup and Handle Pattern along within a flag formation. This is a deadly combination for a big up move. This is important considering this is a monthly chart and has great significance. Considering this crosses 56K which is a strong resistance, it can move above 60K levels.
MCX:GOLD1!Long
by Chartworld1
RainRead About WEDGE PATTERN WHAT IS A FALLING WEDGE PATTERN? The falling wedge pattern is a continuation pattern formed when price bounces between two downward sloping, converging trendlines. It is considered a bullish chart formation but can indicate both reversal and continuation patterns – depending on where it appears in the trend. HOW TO IDENTIFY A FALLING WEDGE PATTERN The falling wedge pattern is interpreted as both a bullish continuation and bullish reversal pattern which gives rise to some confusion in the identification of the pattern. Both scenarios contain different market conditions which must be taken into consideration. The differentiating factor that separates the continuation and reversal pattern is the direction of the trend when the falling wedge appears. A falling wedge is a continuation pattern if it appears in an uptrend and is a reversal pattern when it appears in a downtrend. Continuation or (Reversal) Pattern: Identify an uptrend or (downtrend) Link lower highs and lower lows using a trend line. The two lines will slope downwards and converge Look for divergence between price and an oscillator like the RSI or stochastic indicator Oversold signal can be confirmed by other technical tools like oscillators Look for break above resistance for a long entry The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs. While this article will focus on the falling wedge as a reversal pattern, it can also fit into the continuation category. As a continuation pattern, the falling wedge will still slope down, but the slope will be against the prevailing uptrend. As a reversal pattern, the falling wedge slopes down and with the prevailing trend. Regardless of the type (reversal or continuation), falling wedges are regarded as bullish patterns. #Watchlist #RAIN (D):-CMP 191.35 Looks Good For More Upsides :) #Disclaimer:-View shared is for educational purposes only. Conduct your due diligence before making any trading or investment decisions. #StockToWatch
NSE:RAINLong
by Charts_insiders
3
Nifty50 on 15Min and Daily ChartThe strong upward trend is intact which is drawn from rock bottom in March-2020. The Nifty has formed a long bullish hammer candle which is a sign of a further uptrend (still have to wait for confirmation). The nifty is still trading below 20-SMA on daily charts, if it breaches the 20-SMA a strong upward momentum is expected otherwise profit booking may take place. For further upward momentum Nifty has to breach the 20-SMA line and has to close above it on daily charts. IMPORTANT LEVELS TO WATCH on 15 Min chart 1] Immediate resistance (Yellow line) @ 18088 (more detail on 15 min chart, Nifty has retraced back from that level 3-4 times today and 1 time in October). 2] Resistance and Support Levels are indicated (thickness of the line indicates the strength of that point). 3] INDIA VIX has risen 3.76% to 16.34 which is somewhat moderate, if it falls around 15 a smooth uptrend is expected. Nifty has consolidated for like 2 hours today on 15 minutes Chart. I expect a further consolidation period unless a major breakout occurs on either side. If Nifty breaches R1 and holds above that level for 30 minutes a further uptrend opens up (expected target 40-50 points) and If it fails to do so the index will drag down to its 50-EMA support (and might fall further to S1). THSE ARE MY VIEWS AND IS ONLY FOR KNOWLEDGE PURPOSES.
NSE:NIFTY
by dhavnilmodi1998
Goodyear- Looking goodGoodyear can move due to the following reasons: - Moving in a harmonic triangle ABCD pattern -Consolidating in Darvas Box. - RS near 0 line so offers great R:R. -Best range to buy is between 925-940. Move can be towards 1160+ levels once breaks out. All tyre stocks look really good for medium term on charts. Ceat, Goodyear, Apollo, JK Tyre, etc. Keep a watch Disclaimer: Please do your own analysis before investing. These are views and not an investment advise.
GLong
by Chartworld1