ERIS has a weekly support at 555 level. which is also coincides with 21W EMA. and 21W EMA is sloped upwards. it's better to accumulate at current levels for long term.
XAUXAG chart again touched its long term weekly support of 68.5 in Dec-Jan and seems to have bounced off of it. RSI divergence is further supporting the bullish view on the Gold/Silver chart. Initial level of 82.5 is possible in the coming weeks.
NIFTY WEEKLY CHART SHOWING EXHAUSTION
NOTE:-
VIEW IS ONLY FOR TRADERS WILLING TO BEAR THE RISK
IT IS NOT A TRADE SUGGESTION FOR FUTURES TRADE
TRADE MIGHT CREATE TRADES IN OPTIONS SINCE IT WILL LIMIT THE DOWNSIDE
VIEW:-
RSI HAD GONE BELOW 25 TODAY FOR THE FIRST TIME SINCE OCT 2008
MACD MOMENTUM BAR IS -227 WAS EVEN BELOW
THAT BUT MANANGED TO COVER...
PEL seems to respond to a critical Weekly support. Risk-Reward favors a long trade.
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