Gold-Technical Overview For The Month Of July-14

                                                                    

                                                                      GOLD IN $ TERMS

Gold closed at $1320.60 on 4-7-14

Range for the week ended on 4-7-14 was:-$1334.90---1309.40.

SUPPORT:-1305.40/ 1287 / 1277.40 / 1268.40 / 1258.

RESISTANCE:- 1331.40 / 1334.90 / 1355 / 1361.80 / 1377 / 1392.60

In the month of June-14 gold had a wild swing and it made a low of 1240.20 and a high of 1330.40 before closing the month at 1322 near the high point. In  the week ended on 4-7-14 it moved in 25 point range and closed the week near the   mid -point of the range .The movement seems to range bound as of now.

TECHNICAL  OBSERVATION  :-

1.     1.It is below its short term moving averages now which is at 1327 for 7-7-14,but It is still above its all long term moving averages   except for one which is at 1322, it crossed this average number of times in the month of June-14 but could not sustain above this, if it stays above this then a reasonable up move is expected. The range of important moving   averages are between 1322---1275.The strong up move can only be expected if it crosses 1322-1330.40 range  and stays otherwise it will remain in a short trading range with a downward bias.

2.    2. The  technical  parameters  showed  positive  divergence(see my last post) but now negative divergence has re-surfaced on the daily chart  and it can only  be negated if it stays above its long and short term  average point of 1322 & 1327 ,therefore as of now the strong support for it exist at 1302 , avoid long calls below 1302.

3.     3. Technically   the   trend   looks   steady    and range bound with an downward bias as long as it does not cross the point of 1322 & 1327 and stays above this..

REMARKS:- I would suggest to wait and watch and take long call only if it starts trading above 1327 only, otherwise it may slip down from here . I suggest to avoid long calls completely below 1302.

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Dollar-Technical Overview For The Month Of July-2014

                                                                  Dollar – Vs –Rupee

Dollar   closed at Rs. 59.72 on 4-7-14

Range for the week ended on 4-7-14 was:-Rs.60.26—59.52

SUPPORT :- 59.52 / 59.36 / 58.97 / 58.82 / 58.25

RESISTANCE:- 60.26 / 60.38 / 60.53 / 61.19 / 61.55 / 61.81 / 62.44.

TECHNICAL   OBSERVATION :-

The dollar is still   below   its major moving averages on the daily  chart which are in the range of 60.16—61.37 and on the weekly chart strong average support range is 57.12—56.10.It is also making lower top and bottom on the line and bar chart ,furthermore negative  divergence re-surfaced on the chart indicating that it may break the level of 59.28 in days to come, since it is below its major moving averages  therefore the divergence  may come into play, the chart pattern suggest that it can. The strong support for  the week starting from-7-7-14 to 11-7-14 exist at 59.52 and for the month of July-14  at 58.97,avoid long trade  if it closes below 59.52  and below 58.97 do not think of long trade because then the next potential support area would be in the range of 58.25 / 57.12 & 56.10. The chart is showing weakness therefore until and unless it crosses 60.26 and then 60.53 mark nothing significant can happen on the up side. The range for the month of July-14 is  60.53  --58.97 and break on either side of the range will decide the trend. It is expected to move in the range with a downward bias in the month of July-14.

REMARKS:-The short and medium term trend is down , the technical parameters suggest weakness , therefore avoid long trade .I expect the dollar to weaken further from here.

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Trading Calls For-7-7-14

CNX-Bank Index Technical View For The Week Starting From-7-7-14

CNX-Bank Index closed at 15556.15 on 4-7-2014

Range for the week ended 4-7-14 was :-15582.65----15059.10

SUPPORT: - 15556 / (Recent Closing Bottom) 15451.65 / 15288.80 / 15241.90 / 14946 / 14940.35 / 14857 / 14709.30 / 14468.10 / 14301.30 / 14063.60

RESISTANCE: - 15568.05 / 15582.65 / 15660.05 / 15725.80 / 15742.05 / 15927 / 16266.

(Figures in bold are important)

Index moved in the range of 523 points during the week under review and closed the week near the highest point of the range which indicates firmness and suggest that it is expected to continue the up move in the coming week starting from7-7-14 as well .The slightly disturbing thing is that the index is under performing off late in comparison with the nifty, whereas nifty has made new high every day from 2-7-14 to 4-7-14 but index has failed to cross its previous high of  15742.05 , I expect it to regain the momentum and keep pace with the nifty  in the coming week and cross its previous high. The index is making higher top and bottom on the line and the bar chart and it is also above its all important moving averages therefore technical parameters suggest that the up move should continue going up the tough resistance point would be 15725.80 & 15742.05 which it is expected to cross. The important support level for holding the long trades are 15451.65 on the closing basis and 15288.80 & 15241.90 for the month of July-14 and off course the short term DMA which is placed at15270for 7-7-14(it keeps on changing every day). Please note that if index starts trading below 15451.65 and closes below this then get alerted and reduce long exposure and below 15288.80 & 15241.90 avoid long calls completely in index till it bounce back above this level again.

 REMARKS: Long term up trend intact. I strongly suggest to  buy on dip. Kindly note that make your cost your stop loss in favorable trade and then trail it as the price moves up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit and trailing stop loss points.

NOTE:

 1.  PRICE STATED HERE IS OF SPOT MARKET

 2. RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

         3. IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN AND CAPITAL   PROTECTION. 

 Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View For The Week Starting From-7-7-14

 NIFTY CLOSED AT 7751.60 ON 04-07-14

Range for the week ended on 04-07-14 was:-7758 --- 7531.60

SUPPORT: - 7700.05 / 7649.50 / 7629 / 7611.35 / 7593.35 / 7487.55 / 7481.30 / 7441.60.

RESISTANCE:  7758 /7860 / 7990 / 8050 / 8125.

(Figures in bold are important)

Nifty opened on a flat to positive note today and went down sharply and made low of 7661.30 before recovering stupendously towards the second half of the day and made new all time high of 7758 and closed the week near the high. Kindly note that in this down move during the day it has filled more than 50% of the gap which it left on 2-7-14 therefore now the gap concern is over, furthermore the higher top and bottom on the line chart has also been established, therefore according to technical parameters all doubts of nifty going up are dispelled as of now and it is expected to give a robust up move in the coming week starting from 7-7-14 and may hit 8000 mark by 10-7-14.The important support level for the long trade for the month of July-14 are at 7700.05 / 7629 & 7611.35 and the short term DMA which is placed at 7608 for 7-7-14(it keeps on changing every day). Please note that if nifty starts trading below 7700.05 then get alerted and reduce long exposure and below 7629 & 7611.35 avoid long calls completely in nifty till it bounce back above this level again.

                  

REMARKS:-Long term up trend intact. I strongly suggest to buy on dip . Kindly note that make your cost your stop loss in favorable trade and then trail it as the price moves up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry ,exit and trailing stop loss points.

1.  PRICE STATED HERE IS OF SPOT MARKET

              2. RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

 3. IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN AND CAPITAL   PROTECTION. 

Contact me for strategic guidance to enter and exit the trade

Trading Calls For-4-7-14