I had expected lower weekly close to happen, but it did not. However, by the close of the week, NIFTY has already initiated the action, which might continue next week too. That is a sharp fall.
Next week, the major event likely to happen, is the breakdown below the 200 Day Moving Average (as on Friday’s close, it is at 4980), which is globally well respected long term indicator. The breakdown below 200 DMA will send tremors across the markets.
The immediate support on the daily scale is at 4778. If NIFTY breaches this point, it will also be the breakdown of the chart pattern on the weekly scale.
Combining all the above, what is expected next week is…
1. Breakdown below the 200 DMA.
2. Breakdown below the Weekly chart pattern
Needless to say how the net result will be, if both the events mentioned above happen…
www.ftalarms.com had well ahead given the SHORT signal. You can then imagine how the subscribers will benefit from the fall. Don’t you like to be a part of this
Gold: Attached herewith the Daily chart of gold. If gold close below 1200 in a couple of days ( most likely) , you may see a sharp drop in the immediate term. On the other hand, if it closes above 1250 in a couple of days (unlikely), you may see it shooting to dizzy highs. I will go for a sharp drop. Unfortunately, the “Akshaya Tritiya” trading tomorrow, takes place at the top end of the price. Those who buy gold at this level will definitely remember which the top price of Gold was in recent times.
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