Nifty have ended the upside.

Nifty hourly chart.

Nifty which was moving in a sub wave 5 have formed a ending diagonal.
This indicate a end of wave 5 overall.
MACD and RSI shows divergence.
Tgt for medium term 5940.

Regards
Rinkesh Jain

Gold and Silver under pressure.

Gold Chart

Gold is under pressure as seen form the chart.
MACD and RSI can move down from the descending resistance line.
Volume is decreasing which indicate no strong upside support is there.
Resistance at 30725-750.
Support at 30350-300.


Silver Chart.

Silver chart is indicating the same situation as gold.
Resistance at 60100
Support at 58900-59000


Regards
Rinkesh Jain

ACC back to positive!!

ACC today closed above the line which was support line yesterday with good volume.
Yesterday was well the price closed at the opening level after making a good low.
One can go long with a stoploss of 1365 on closing basis!!!

 

Regards

Rinkesh Jain

Nifty may have topped.

Nifty  made a high of 6068 on 15 jan.
Wave I is equal to Wave V (approx)
So this was the end of sub wave 5 of the Wave 5.
Now today closing below 6040 have changed the sentiment to bearish.
Medium term support at 5940.

Daily chart shows a divergence for past 3 months.
RSI and Nifty price level have touch the resistance level yesterday and turned down.
so this as well indicate end of upside.

 

Regards

Rinkesh Jain