Arun patidar
View Profile

BONZER NEWS

Arun Patidar at 04:55 PM - Jul 24, 2017 ( ) Views: 308

Gold prices retraced to reach the previous support which has now become resistance line at $1240(28280). As per my technical observation, the 4hour chart has taken the formation of “Falling wedge pattern”. In this pattern, prices broke out slope resistance line at 1227(28000) closing a daily candle which affirms that the market scenario has turned from negative to positive momentum.

As per the pattern’s indication, a small profit booking correction has been done as well as the new formation of “Ascending Triangle” which is bullish in nature and continuous to move up to $1253(28600). If it breaks lower triangle slope line, it would reach to $1233-1227 (28000-28100) level which will be an additional support. However, it will take a strong support and pullback upward to further new resistance at $1253(28600)

The overall market indicates a bullish trend reversal that would meet target prices at $1240-$1253(28340-28600) levels.

 


Login to participate in discussion.

Recently Discussed Posts of Arun Patidar

todays action stock (2)
Bonzer cruide call (2)
BONZER CALL (2)



Top Gainers

IMP POWERS LTD 25.80 4.30 (20.00%)
GRAVITA INDIA LIMITED 48.65 3.75 (8.35%)
HDFC AMC LIMITED 2306.15 136.15 (6.27%)
BF UTILITIES LIMITED 234.75 13.65 (6.17%)
HATSUN AGRO PRODUCT LTD. 747.05 42.75 (6.07%)
REFEX INDUSTRIES LIMITED 120.30 5.70 (4.97%)
KAVERI SEED CO. LTD. 433.85 18.05 (4.34%)
IIFL HOLDINGS LIMITED 136.40 5.55 (4.24%)
RALLIS INDIA LTD 157.55 6.25 (4.13%)
CG POWER AND IND SOL LTD 22.20 0.70 (3.26%)



Top Losers

TALWALKAR LIFESTYLES LTD 58.25 -14.55 (-19.99%)
TALWALKAR FITNESS LTD 31.40 -7.80 (-19.90%)
IZMO LIMITED 32.60 -4.25 (-11.53%)
CYIENT LIMITED 483.40 -60.10 (-11.06%)
TECHNOCRAFT IND LTD 344.00 -42.55 (-11.01%)
SANWARIA CONSUMER LIMITED 6.30 -0.70 (-10.00%)
GENUS POWER INFRASTRU LTD 17.30 -1.90 (-9.90%)
SKM EGG PROD EXPORT(I) LT 30.90 -3.20 (-9.38%)
MIRC ELECTRONICS LTD 13.15 -1.30 (-9.00%)
NANDAN DENIM LIMITED 30.80 -2.90 (-8.61%)