Charts for the Day

[timepass]

The talk going in the markets is to accumulate silver with a 3-4 years view - target 70000+,

But how does one buy and hold silver for that long ?? Are there any silver ETFs ? silverbees or something ?

 

[rahulmalik]

So our prior theory of accumulation dont hold as of now and we are now going lower. How much is the question. From monthly charts, the zone of 28600-29600 stands as s good support zone. Need to watch price action there.

Thank you Anil. What is your over all view on gold for next 5 years ? Can we reach earlier highs during that time period ?

 

[anil_s_trivedi]

The talk going in the markets is to accumulate silver with a 3-4 years view - target 70000+,

But how does one buy and hold silver for that long ?? Are there any silver ETFs ? silverbees or something ?

Dear Tpji,

Silver is taken as a industrial commodity, so its a bit linked to industrial activity, and until it settles and form a base here, difficult to gauge bottom. Prediction and predictors are in abundance, but know one will be hold moral for their guesses.

Let it form a solid base. Infact if you look closely, the selloff in November-december 2014 attracted huge volume, and some of it had been climactic. and this time we are testing the same zone, but with 'Lower volumes'.... so here you know volume is missing on this selloff.

So yes if one takes this pattern under trading from nov-dec 2014 till now, its a base formation going on. But you know, here in public forum, if one comments like that, the whole gang will turn on you...so i am just keeping my fingers crossed, let the price show us the way ahead...

Not aware of silver ETF's in India as of now. May be the time has come to launch one here.

 

[anil_s_trivedi]

Thank you Anil. What is your over all view on gold for next 5 years ? Can we reach earlier highs during that time period ?

Dear Rahulji,

Still messing with silver, need to analyse gold on those lines...
Whats your view btw...

 

[rahulmalik]

Dear Rahulji,

Still messing with silver, need to analyse gold on those lines...
Whats your view btw...

Technically, I rarely analyse daily / weekly charts, that too only for Nifty.

However, as a bigger picture - for gold particularly, China is wanting an authority to control gold prices, and we know it has been buying aggressively and has huge reserves already.

 

[anil_s_trivedi]

Hindalco is looking like a bottoming candidate...watch the action at todays high, its a confluence of trendlines....Also Stock shaping up nicely from 102-108 levels...

Will love to see hold 104...going forward...

Will post charts afterwards...right now travelling...

 

[anil_s_trivedi]

Gold in intermediate downtrend and broken of symmetrical triangle on weekly, following a likely support zone coming at the region shown.

Chart patterns are not words carved on stones, but they are the formation of accumulation and distribution. So we need to track it continuously.

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Short term view
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First sign of strength on daily will be closing above 25700 till then a rallies will be sold into. For weekly it need to hold of 26100-200 levels to have any sign of upmove possibility.

 

[anil_s_trivedi]

Coal India, a coal mining company, looking like a possible accumulation phase, and readying for a upmove. Prices just crossed 100 ema here, and Oscillators are rising mode.
Minimum price objective in short term shown, where earlier rallies got failed to overcome, intermediate term trade will accompany on breakout only.
Looking at big triangle consolidation patterns, breakout can be furious here. So keep it under watch...

 

[anil_s_trivedi]

Dear nitinji,

Tatasteel on weekly timeframe is in downtrend, looking at pattern wise it seems to be in a potential symmetrical triangle formation. The natural support line of triangle coming around 220-230 zone. Although its a pattern formation price may or may not correct upto there. Remember this is a long term view.

Coming on daily charts, price are in downtrend trading into a channel running from since July 2014, after prices correcting forming a double top. A short term channel got broken recently, alongwith midline of major channel. So stock exhibited a short term sign of strength here.

Looking at daily closing yesterday, stock gained ground closing above 305-307 resistance zone. A positive momentum divergence also formed and stock moving up, overcoming 316 levels will provide impetus to rise till 322-330 levels. A good sign as of now. is momentum seems to be bottoming in short term.

A case of weakness settles once stock closes below 300-303 levels. Till then its a pure divergence play here.

 

[anil_s_trivedi]

Bharti airtel still looking good on account of relative strength vs Nifty on weekly as well on daily. Although on daily, stock moved back below resistance, either its a breakout failure or a retracement going on.

Stock still above comfort zone of 410, a good point to look into. Support seen at 405. Stock correcting on account of short term negative momentum divergence, let it play out and watch nature of correction, if time wise, it will add strength to current trend, which is up.