Trading Calls For-12-11-14

CNX-Bank Index-Technical View For-12-11-14

CNX-Bank Index closed at 17390.20 on 11-11-2014

SUPPORT: - 17157 / 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05.

RESISTANCE: - 17434.15 / 17490 / 17640 / 17800 & 18060.

  (Figures in bold are important)

Index opened on a flat note at 17266.25 and made a low of 17220.45 and thereafter moved up and made a new all time high of 17434.15 and closed the day at 17390.20.Technically it is still looking ok .It is moving in a channel now and today it broke the trend-line intra-day but bounced back within the channel and closed fairly above the trend-line. The range for it is between 18025---17436 for 12-11-14,and if it does not move and close above 17436 on 12-11-14 then that will be the first sign of weakness ,so some caution is advised , furthermore in last four trading days it has been moving sideways which is indicative of a big move  ahead on either side in coming days. Please note the good support for it exist at 17157 and break below this will be potential sign of weakness and significant correction. Avoid fresh long trade below 17157. Going up it will face stiff resistance at 17490 / 17640 / 17800 &17780 level.

REMARK:-  :- Long term trend is  up but traders are advised to book part profit in long trades and avoid fresh long trades below 17220 on 12-11-14

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View For-12-11-14

NIFTY CLOSED AT 8362.65ON 11-11-14

SUPPORT: - 8330.75 / 8322 / 8290 / 8180 / 8160 / 8085.

 RESISTANCE:- 8383.05 / 8408 / 8430 / 8475 / 8550 / 8600 / 8650.

(Figures in bold are important)

Nifty opened on a positive note at 8354.10 and made a high of 8378.70 and low of 8321.85 for the day before closing the day near the high at 8362.65. Technically it is ok now, but since it has started moving sideways in last few days which is indicative of a big move ahead on either side in coming days,so some caution is advised.

TECHNICAL OBSERVATION

1.It is moving  sideways for last 4-5 trading session making a flag pattern on the chart and the range for it is between 8383.05--- 8290.25 and breakout on either side will set the direction for coming days. 

2. At present it is moving in a channel and today it broke the trend-line intra-day but closed within the channel but just near the trend-line, the range for channel is between 8575—8400 (this reading moves up every day) for 12-11-14.and If it does not move above 8400 on 12-11-14 then it will be first sign of weakness and indicative of possible correction ahead.

3. One technical parameter suggest that going up it will face huge resistance in the region of 8380---8475 for 12-11-14 and since we are not far away from this range, therefore caution is advised. The strong support exist at 8160.

In view of the above correction looks imminent in coming days, therefore I suggest to book at least part profit on long trades now and keep booking profit on the rise as well and sit on the cash so that one can re-enter again after a reasonable correction because the up trend is still intact. Those who want to hold the long position should get alerted below 8320 and exit trade if it closes below 8290, Avoid fresh long trade below 8290 for sure.

REMARK:- Long term trend is  up ,but it seems that correction is around the corner therefore traders are advised to book part profit in long trades here and on the rise too and avoid fresh long trades below 8290 for sure. 

   

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Trading Callas For-11-11-14

CNX-Technical View For-11-11-14

CNX-Bank Index closed at 17262.40 on 10-11-2014

SUPPORT: - 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 17425.20 / 17490 / 17640 / 17800 & 18060.

  (Figures in bold are important)

Index opened on a flat to positive note at 17364.65 and made a high of 17412 and then made a low of 17202.20 for the day before closing at 17262.40 but could not cross the high of 17425.20 it made on 5-11-14 coming so close to it,  today’s move showing  some sign of fatigue in the index and indicate that correction may be round the corner in it. Technically it is still OK. but as it is moving in a channel and the range for it is between 17950--17245(it will move up every day) for 11-11-14 and break out on either side will decide whether the rally will continue or correction will set in, since it is near the lower range of the channel therefore caution is advised on long trade because it may correct from here  and if correction sets in it could be significant one, therefore it is advised to book at least part profit in long trades here. It will give first sign of weakness and of impending correction if it breaks the channel lower range of 17245 and stays below it. Avoid long trade completely if it consistently starts trading below 17045. Going up it will face stiff resistance at 17490 / 17640 / 17800 &17780 level.

REMARK:-  :- Long term trend is  up but traders are advised to book part profit in long trades and avoid fresh long trades below 17190 on 11-11-14.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View For-11-11-14

NIFTY CLOSED AT 8344.25ON 10-11-14

SUPPORT: - 8330.75 / 8322 / 8297 / 8180 / 8160 / 8085.

 RESISTANCE:-  8348.15 / 8383.05 / 8408 / 8430 / 8475 / 8550 / 8600 / 8650.

(Figures in bold are important)

Nifty opened flat at 8337.80 and made a low of 8304.45 and thereafter made a new all time high of 8383.05 before closing the day at 8344.25.Technically it is still ok but as it is moving in a channel and the range for it is between 8523—8340(it will move up every day) for 11-11-14 and break out on either side will decide whether the rally will continue or correction will set in, since it is near the lower range of the channel therefore caution is advised on long trade because it may correct from here  and if correction sets in it could be significant one, therefore it is advised to book at least part profit in long trades here. It will give first sign of weakness and of impending correction if it breaks the channel lower range of 8340 and stays below it. Avoid long trade completely if it consistently starts trading below 8300.Going up it will face stiff resistance at 8430 / 8475 & 8550. 

REMARK:- Long term trend is  up ,traders are advised to book part profit in long trades and avoid fresh long trades below 8300.   

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

DOW STAGE V SHAPE RECOVERY -9-11-14

DOW JONES INDUSTRIAL AVG INDEX CLOSED AT 17573.90 ON 7-11-14

SUPPORT:- 17390 / 17350 / 17278 & 16937

 RESISTANCE :- 17660 / 18280 & 18515

(Figures in bold are important)

Dow Jones made a top on 19.9.14 at 17350.64 and then went down sharply  to make a low of 15855.12 on 15.10.14 threatening the long term up -trend but thereafter it made a sharp V shape recovery and went on to make new all time high of 17575.30 on 7-11-14 in 18 trading session. It was a huge move and surprising too as nobody could have expected it. Technically it is looking o.k now but due caution is advised as this rise was vertical one therefore it corrects from here then the fall could be vertical too.  

At present it is moving in a channel and the range for it is 18030—17560(this reading will move up every day) for 10-11-14 ,since it is near the lower range of the channel one should be alert in long trade  because breakout on the either  side will decide that whether up move will continue or correction will set in. The strong support for it exist at 17350 but it will give the first sign of weakness if it breaks the lower range of the channel and if it starts trading below 17100 would be the potential sign of weakness. 

..REMARKS:-Long term up trend is back on track with V shape recovery but extreme caution is advised in long trade as it had a vertical rise and if it corrects now then the fall could be vertical too.

Please use support and resistance level as entry, exit and target points and also as trailing stop loss in favorable trade. Volatility could be there so trade cautiously and DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

 Contact me for strategic guidance to enter and exit the trade

Trading Calls For--10-11-14

Nifty-Technical View For-10-11-14.

NIFTY CLOSED AT 8337 ON 7-11-14

SUPPORT: - 8330.75 / 8322 / 8297 / 8180 / 8160 / 8085.

RESISTANCE:-  8348.15 / 8365.55 / 8408 / 8430 / 8475 / 8600 / 8650.

(Figures in bold are important)

Nifty opened flat to negative at 8331.85 and made a high of 8360.35 but could not cross the previous day high of 8365.55 and made a low of 8290.25 during the day before closing at 8337.Technically it is still OK and suggest buy on dip but since it had a significant rise of around 650 points in 12 trading session therefore caution is advised on long trade because it may correct from here and if correction sets in it could be severe one. 

As you are already aware that nifty at present is moving in a channel and the range for it is between 8473---8300(it will move up every day) for 10-11-14,since it is near the lower range and may  break it and if it does then it will trigger  correction, therefore traders are advised to book at least part profit in long trade here and on the rise and  near the upper band of the range for sure i.e 8473 and re- enter again near the lower band i.e.8300 with a stop loss of below 8280 till the breakout happens. I would suggest to avoid fresh long position if it consistently starts trading below 8310 and re-enter only if it moves above 8350 and stays with a stop loss of below 8300 for the entire month of November-14.Please avoid fresh long trade below 8365.55 & 8290 on 10-11-14 for sure. Going up it will face stiff resistance at 8430 / 8525 / 8650 & 8675  level and I reiterate that this on- going rally may exhaust around these levels and correction may set ,since we are not far away from these levels therefore extreme caution is advised on long trades. 

REMARK:- Long term trend is  up ,therefore buy on dip is suggested at appropriate levels  and with an adequate stop loss but avoid fresh long trade below 8365.55 & 8290 on 10-11-14.Trade with extreme caution because correction looks imminent .

   

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

CNX-Bank Index-Technical View for-10-11-14

CNX-Bank Index closed at 17347 on 7-11-2014

SUPPORT: - 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 17425.20 / 17490 / 17640 / 17800 & 18060.

  (Figures in bold are important)

Index opened flat to positive at 17366.80 and made a high of 17383.60 but could not cross the previous day high of 17425.20 and made a low of 17202.20 during the day  before closing at 17347.Technically it is still OK and suggest buy on dip but since it had a phenomenal rise of around 2300 points in 18 trading days therefore caution is advised on long trade because it may correct from here and if correction sets in it could be severe one.

As you are already aware that index at present is moving in a channel and the range for it is between 17790---17130(it will move up every day) for 10-11-14,  since it is near the lower range and may  break it and if it does then it will trigger  correction therefore traders are advised to book at least part profit in long trade here and on the rise and near the upper band of the range for sure i.e 17790 and re- enter again near the lower band i.e.17130 with a stop loss of below 17045 till the breakout happens. I would suggest to avoid fresh long position if it consistently starts trading below 17030 and re-enter only if it moves above 17087 and stays with a stop loss of below 17020 for the entire month of November-14.Please avoid fresh long trade below 17425.20 & 17130 on 10-11-14 for sure. Going up it will face stiff resistance at  17490 / 17640 / 17800 &17780 level and I reiterate that  this on- going rally may exhaust around these levels and correction may set ,since we are not far away from these levels therefore extreme caution is advised on long trades. 

REMARK:- Long term trend is  up ,therefore buy on dip is suggested at appropriate levels  and with an adequate stop loss ,but avoid long trade  below 17425.20 & 17130 on 10-11-14. Trade cautiously because correction looks imminent.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Trading Calls For---7-11-2014

CNX-Bank Index-Technical View For--7-11-14

CNX-Bank Index closed at 17352.95 on 5-11-2014

SUPPORT: - 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 17425.20 / 17490 / 17640 / 17800 & 18060.

  (Figures in bold are important)

Technically index seems to be on a very strong footing and exhibiting much greater strength in comparison with nifty and indicate that the on- going up move may continue for few trading session, therefore I suggest to adopt buy on dip strategy but since it had a vertical rise of almost 2300 points in 18 trading session therefore  caution is advised on long trade because if correction sets in it could be severe.

At present index is moving in a channel and the range for it is between 17710--17020(it will move up every day) for 7-11-14, break out on either side will decide whether the rally will continue or correction will set in, therefore traders are advised to book at least part profit on the long trade near the upper band of the range i.e 17710 and re- enter again near the lower band i.e.17020 with a stop loss of below 16980 till the breakout happens. I would suggest to avoid fresh long position if it consistently starts trading below 17030 and re-enter only if it moves above 17087 and stays with a stop loss of below 17020 for the entire month of November-14 and avoid long call below 17150 on 7-11-14. Going up it will face stiff resistance at  17490 / 17640 / 17800 &17780 level and this on- going rally may exhaust around these levels and correction may set ,since we are not far away from these levels therefore extreme caution is advised on long trades. 

REMARK:- Long term trend is  up ,therefore buy on dip is suggested at appropriate levels  and with an adequate stop loss. TRADE CAUTIOUSLY AND RESPONSIBLY.   

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical Overview For-7-11-2014

NIFTY CLOSED AT 8338.30 ON 5-11-14

SUPPORT: - 8330.75 / 8322 / 8297 / 8180 / 8160 / 8085.

RESISTANCE:-  8348.15 / 8365.55 / 8408 / 8430 / 8475 / 8600 / 8650.

(Figures in bold are important)

Technically nifty seems to be on a strong footing and indicate that the on going up move may continue for few trading session, therefore I suggest to adopt buy on dip strategy but since it had a straight rise from 7723.85 to 8365.55 in 12 trading session and the 4 gaps it had left in the process is still there, therefore extreme caution is also required on long trade because if correction sets in it could be severe.

At present nifty is moving in a channel and the range for it is between 8430—8260(it will move up every day) for 7-11-14, break out on either side will decide whether the rally will continue or correction will set in, therefore traders are advised to book at least part profit on the long trade near the upper band of the range i.e 8430 and re- enter again near the lower band i.e.8260 with a stop loss of below 8240 till the breakout happens. I would suggest to avoid fresh long position if it consistently starts trading below 8310 but one can add on fresh long position if it maintains above 8350 with a stop loss of below 8310 for the entire month of November-2014.Going up it will face stiff resistance at 8430 / 8525 / 8650 & 8675 level and I expect that this on- going rally may exhaust around these levels and correction may set in ,since we are not far away from these levels therefore extreme caution is advised in long trade. 

REMARK:- Long term trend is  up ,therefore buy on dip is suggested at appropriate levels  and with an adequate stop loss. Trade with extreme caution. 

   

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Light Crude Continuous(Nymex) In Bearish Mode-5-11-14

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $77.19  ON  4-11-2014

SUPPORT:-74.95 / 70.76 / 68.59 / 64.24 / 62.70 / 58.32 & 55.

RESISTANCE:-79.44 / 81.20 / 82.88 / 85.61 / 90.

TECHNICAL----OVERVIEW

Technically Crude looks highly bearish. It is well below its short and long term moving averages on the daily and weekly chart and has been continuously falling from the level of $107.68. It has a very good support area in the region of $74.95—70 and since it had witnessed straight fall from $107.68 to 75.84 so it may stage a pull back from here ,if it happens it may be muted one and going up it can face stiff resistance at $79.44 / 82.88 & 85.61 level. Therefore as of now the broad range for it is between 85.61---70. Please note that break below $70 mark can drag it down to$ 63 / 58 & 55 levels. Chances of which are looking reasonably good in coming days but only if it breaks $70 mark and stays below it. Since it is in bear trend I would not like to advantage of the expected pull back instead I will try short call on the rise at appropriate level with an adequate stop loss. Aggressive and contrarian trader can try long call for the expected pull back now or on dip with a stop loss of below $70 but I would advice to avoid long call below $79.44 for the entire month of November-2014.

REMARKS:-  Long term trend is down,therefore I suggest to try sell call on the rise with proper stop loss instead  long call for the expected  pull back.

Disclaimer:-The view expressed here are solely of the author and he is  not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

My View On Reader's Query-4-11-14

MY  OBSERVATION  ON READER’S QUERY

FOR  INVESTOR

ITC LTD ,PAGE INDURTRIES  & EICHER MOTOR LTD :-These are  portfolio stocks and should be viewed in  at least 5 to 10 years time frame and not on daily basis if you are hard core investor .For investor these stocks should be accumulated on every reasonable decline. I would  like to add here that, It is also important to see how the stocks are technically placed too so that one can suitably time the entry & exit points for maximum gain and protection of capital. Technical view on these stocks are given hereunder for traders. Investor  are advised to buy on decline.

TECHNICAL OBSERVATION

1.ITC LTD:-  Technically it is in the range of   339---388 now and expected to oscillate within it for some time and breakout on either side will decide which way it want to go ,break below 350 level  will give first indication of some weakness and below 339 it will become potentially weak .Since one advance technical parameter is showing some sign of  weakness therefore I would personally prefer to avoid long call in the stock  now  ,but traders can try both long and short call at proper points with an adequate stop loss. Please use support and resistance levels (given here under) as entry , exit and stop loss  point for your trades. 

  

SUPPORT:-348 / 343.45 / 340 / 326 / 311 / 307 & 285.

RESISTANCE:-360 / 365 / 380 / 388

2.PAGE INDUSTRIES LTD:- Technically looking good and seems consolidating here and after that it is expected to continue its up move. Please note it has a strong support at 8600 & 8200 and if it break below 8600 and stays then it will be first sign of some weakness and break below 8200 can trigger reasonable to moderate correction in the stock, chances of which are looking slim as of now, therefore I  still suggest to buy on dip till it breaks 8600 and stays. The long term up trend threatening point is at far below at 7450.Please use support and resistance levels (given here under) as entry , exit and stop loss point for your trades. Do not trade without stop loss.  

  

SUPPORT:-8611 / 8205 / 7566 / 7475 / 7300 & 7101.

RESISTANCE:-9187 / 9938 / 10060 / 10300 / 10760 & 11890.

3.EICHER MOTORS LTD:- Technically  exhibiting  good strength therefore buy on dip is suggested but since the  strong bottom for it exist  far below at 10727.so avoid fresh long call if it starts trading below 11970 and below 11500 avoid long trade completely because then it may go in for deeper correction. Please use support and resistance levels (given here under) for entry , exit and stop loss point for your trades. Do not trade without stop loss.  

  

SUPPORT:-12299 / 10860 / 10826 / 10727 / 10634 & 9711.

RESISTANCE:-12825 / 13210 / 13344 / 13570 & 14650.

4.ABAN OFFSHORE LTD:- I consider it  absolutely a trading stock .Technically it is looking weak but now it is in a pull -back mode  and may give some rise from here. The short range for it is now between 681—590 and the long range is between 750--590.Since it is technically weak I therefore suggest to book at least part profit in your long trade on the rise, if it moves above 681 and stays then hold the balance position with a stop loss of below 670, if it does not then get out of the long position completely. I would prefer to avoid fresh long call completely but aggressive trader can still try it now with a stop loss of below 620. Please use support and resistance levels (given here under) for entry, exit and stop loss point for your trades. Do not trade without stop loss. 

   

SUPPORT:-585 / 567 / 540 / 533 / 490 / 459 & 369.

RESISTANCE:-652 / 668 / 686 & 728.

Disclaimer:-The view expressed here are solely of the author and he is  not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Dollar-Technical Overview--4-11-14

Dollar – Vs –Rupee

Dollar   closed at Rs.61.39 on 31-10-14

SUPPORT :-61 / 60.89 / 60.72 / 60.64 / 60.19.

RESISTANCE:- 61.55 / 61.81 / 61.95 / 62.55 / 63.03 / 63.32 / 63.90

TECHNICAL   OBSERVATION :-

The technical chart is showing good strength as it is above all its short term and long term moving averages on the daily and weekly chart. At present the short  range for it for the month on November-14 is between 61.95---60.89 and it is expected to oscillate within it  and break on either side will decide which way it will move ,as of now it seems that it is expected to give up -side breakout in coming days. The broad range for it is between 61.95—60.45 and breakout below 60.45 will indicate potential weakness in it, chances of which are looking slim at this point of time. Therefore as of now I suggest to adopt buy on dip strategy  with a stop loss of below 60.89.Going up it will face very tough resistance at 61.81 & 61.95 level.

REMARKS:-The long term trend is up therefore I suggest buy on dip with a stop loss of below 60.89.

Contact me for strategic guidance to enter and exit the trade

GOLD MAY BE HEADING TO BREAK $1000 MARK IN COMING MONTHS.

GOLD IN $ TERMS

Gold closed at $1171.60 on 31-10-14

SUPPORT:- 1155.60 / 1124.30 / 1084 / 1075 / 1044.50 / 1026.90 / 991.67 / 983.

RESISTANCE:- 1179.40 / 1181.40 / 1183.30 / 1202.30 / 1204.50 / 1230.80 / 1240.20 / 1255.60.

I still hold the same view (see my post of 9^th Sept-2014) Gold looks hugely bearish on the technical chart therefore it is advisable to stay away from investing in it for long term because it may not even give you normal return which equity can give in at least two to three year’s time period, so avoid this asset class for long term investment and prefer equity instead .However in between up rally could be there so trader can take advantage both ways at appropriate levels. Gold and Silver is identically placed on the chart. 

TECHNICAL  OBSERVATION  

It is way below its short term as well as long term moving averages both on daily and weekly chart and also making lower tops and  bottoms consistently which is devastating ,furthermore it has also broken major bottom of 1179.40 it made on 28.6.2013 which indicate further fall  is in the offing and other technical parameter also suggest that it may break $1000 mark in coming months , Since it is very close to its support area of 1160.50 & 1155.60  so it may give a technical bounce back from here, but as it has broken the major bottom of 1179.40 therefore I would suggest that those who want to take long call to play the expected pull back should only go long if it stays above 1179.40 with a stop loss of close below 1175 or aggressive trade can try long call here also with a stop loss of close below 1160.Technically long call should be avoided below 1160 for sure for the entire month of Nov-2014,so the range for trader now is between 1179.40—1160. Going up it will face very stiff resistance at 1179.40 / 1202.30 &1204.50. If it moves above 1204.50 then stop loss for long trade should be elevated to 1195.  

REMARKS:-Long term trend is down therefore I would suggest to avoid investment in gold for sure. Traders can take long and short call both at appropriate levels (see support and resistance level) with an adequate stop loss. Since the trend is down I would prefer to sell on the rise rather than to take a buy call.

Contact me for strategic guidance to enter and exit the trade

Trading Calls For---3-11-14