NG is trying to breakout

NG is trying to breakout

nymex NG hourly chart 

     This is nymex Ng hourly chart. You can see, rising wedge and its downward breakout, red arrow tgt achived, as mentioned in last post abut NG. NOw after consolidation, price is trying to breakouut something like falling wedge. If it break trendline Northward, it can fly up. on mcx cmp is 208 around. 

    If failed to breakout this time, NG price can go down toward 202 and then return back towards 205 and will again try to breakout there. This is so because upper line is southward moving.

     Thank you, Jay Shriram.

Update final, 08.44 p.m, 5 th May 2017

     I booked my profits at 208.50 and made exit because NG price touched 16 times to resistance line of this wedge like thing. You can wait with trailing sl or ctc sl. Thanking you, Jay Shriram. post is closed.

lead, next support @ 136 followed by 132

Lead is moving towards 136 followed by 132

mcx lead daily chart 

mcx lead hourly chart

     As shown in daily chart of mcx lead, price is moving in downward channel from start of February till today. The channel is intact in these 3 months. Price fell from 165 to 136 making up and downs within this channel. After hitting low of Rs 136, it reverted back and make high of Rs 146 around. Expiry short covering helped it to touch the resistance line, but as soon as it entered in new contract, it gave up all the steam and tumbled down. Broke middle line of bollinger band downwards, which is bearish sign again.

     On hourly charts, It made a new resistance of Rs 146.80 mark. It created double top there. Now it is very difficult to cross it.

     Now support is placed at 136, which is prior low and can work as support now. Second point is that,' bollinger band support line is placed at 136 mark. But , as bollinger band is moving indicator, it can turn down, ones price hit 136 mark.

     As per wave count price should touch 132, sooner or latter. Trade accordingly, with less quantity, strict sl or trailing sl method. Protection of capital is must to remain in market.

     Thanking you, Jay Shriram. 

Comex Gold broke channel support, if it is moving toward 1240 ?

comex gold daily chart 

     As seen in the attached daily chart, gold broke channel support downwards. Same time price broke middle line of bollinger band. It can move toward 1240 mark. Try it , if you can. Thanking you, Jay Shriram.

update 1, hourly chart

     amazing to see that, price broke bollinger band support line. Yes , bollinger band is moving indicator, but it is very interesting to see price action live. It is more interesting thatn Bahubali 2.

Final update, 08.43 p.m. , 3 rd may 2017

     Book profits or use trailing sl method to protect your profits. I am closing this post now. Thank you, Jay Shriram.

NG, breakout rising wedge.

nymex hourly chart

     This is short term rising wedge pattern breakout, which is bearish to price. Use it , if you can.

update 1, 07.46 p.m, 1 st May 2017

     3.24 is prior low, which is working as a support. After breaking it price will tumble down.

final update, 09.16 p.m, 1 st may

     Book profit or use trailing sl method to protect profits. Thank you , Jay Shriram.

Nickel, breakout H & S pattern

nickel mcx weekly chart 

     This is weekly chart of Nickel, clearcut breakout of Head and Shoulder pattern can be seen here. Weekly candle closed below neck line at Rs 626, while neckline of H & S pattern is placed at Rs 640. Perfect case of bearish breakout.

     Next support is rs 552, which is prior low, where price got support in past. After that, final support is Rs 518, which is our targeted price.

     One should be cautious because this is weekly chart and take its time in weeks timeframe. One should kep this in mind and trade accordingly. Some up and downs will be there as usual.

     Nothing to say more about it. I will update this post with regular intervals. If you like this post, share it on facebook and other social media. I know you will not do this, but saying like this is a style of a good blogger.

     Thank you, Jay Shriram.

Gold

mcx gold hourly chart 

     Gold is not my favourite counter to trade with, but today it attract me toward itself. After opening gap up on 15 th March , gold went in to consolidation phase. It moved between 28400 to 29000 for 26 days. Yesterday gold gave upward breakout, crossing the hurdle of 28950 and closed above it, around 29200. 

     Now as a rule of polarity prior resistance of 28950 became support for the gold price, next support is placed at 28750 around, and third support is placed at 28600. While 28350 to 28400 is a final support.

     On the upside first tgt is 29800 followed by 30600. This is not intraday call but a positional one.

     Thank you for visiting my blog, to get regular updates, follow me on google+, twitter and subscribe by email. Its free always. Jay Shriram.

Update 1, 14th April 2017, 02.10 pm

mcx gold hourly chart

     You can see, price closed at 29418 yesterday. We gave call at 29200 around. Gold price consolidate little on 12th April and 13th April and break up on 13th April towards 29418. It closed on very positive note.

     Now support for short term is placed between 29270 and 29290. followed by 29100 and final support is placed at 28950.

     Maintain your longs with trailing sl system, do your trading carefully. Loosing capital is easily done but recovering it is very hard task to do.

     Thank you, Jay Shriram.

Update 2, 23rd April 2017

mcx gold hourly chart 

     Here is mcx gold attached chart. I draw new support and resistance levels for short term on it. Friday closing of gold on mcx was 29384, but on comex it closed higher at 1289 around.

     French elections, problem of Islamic refugees, ISIS, Turkey demands, Spain bankruptcy and North Korea, the list is endless. This can push up gold in coming days. Actually French  people's are fed up with pseudo secular governments and their policies about refugees from Syria. country has more than 7% population of these refugees. This group of refugees deny to mix with main stream and want to press their religious concepts in France. Intelligence report indicate riots after election results. On the other side, turkey is blackmailing EU, asking huge amount. It blackmail Europe that,' they will open up gates for refugees.' Spain is about to face bankruptcy. North Korea issue is not decreasing yet.

     Lets look at our way of trading, which is technical analysis. Rs 29550 is now resistance. It is prior spike high on hourly chart. After crossing it, price can move towards major resistance of 29800. If cross 29800, gold will enter in to medium term bullishness. On the downside 29240, 29200 are the supports. 29100 and the 28950 are the major supports. 

     So trade accordingly. Thanking you, Jay Shriram.

Final update, 26th April.

     We booked loss of 350 points yesterday. Our sl hit at 28900 mark. We did 2 trades in gold, got profit around 100 points in first trade and loss of 450 points in second trade. total loss 350 points, means 35000 rupees.

zinc, is it moving towards 170 ?

Zinc, in process of making descending triangle

Zinc mcx daily chart

     First of all, keep in mind that,' this is daily chart and take its time accordingly.' Many of us are habitual of 15 min, hourly chart to get instant results but here is daily chart posted.

     As seen in the chart, after making high around 204, zinc price turned downward, made low of 166 and turned upward and made new lower high of 196 around. After the high of 204, zinc price is made lower and lower highs, as seen in the attached chart.

     If we cover all candles from 204 high in triangle, there will be symmetrical triangle chart formation is in making. But we cant hold the position for such a long duration to get expected results. so we took price movement from second lower high of 198 marked at 13th Feb 2017 till yesterday.

     After drawn a triangle, there is descending triangle appeared on chart. To confirm it we used ABCD pattern and acknowledge that price touched 2 times to upperline and 2 times to the lower ( support line ) line. This is essential for to be a descending triangle.

     On the upside, resistance from channel resistance line ( descending line ) and prior high is placed at 186.50 around. this should be sl.

     Support line of this triangle is placed at 175.75, if zinc price break this, then it can touch 170 mark and after that 166 mark. Thats all, what can I read from this daily zinc chart. 

     Hope that, this post will help you in taking your descisions. If you like this article, please share it on facebook and other social media. Thank you for giving your precious time to read my blog, Jay Shriram.

update 1, 7th April, 12.30 am

mcx zinc daily chart

     As you can see in the chart, 6th april closing price is 175.95 and price made low of 175.05, closed on very negative note. Rule for descending triangle is that,' breakout should happen after 2/3 rd triangle space is captured by candles, but that rule was not followed by zinc price in this case. On 3rd april zinc price tried to breakout downwards breaching 175.80 price mark downwards but failed. A falls spike occures taking the price up to 181.75. after two trading days, today it comes back on right track. 

     Now we are using trailing stop loss method to lock profits. Next tgt is 170 followed by 166. Lets hope for good. Jay Shriram.

update 2, 7th apr, 12.37 pm

mcx zinc daily

     Beautiful breakout, patience paid us huge profits. We shorted it at 181 and holding the position patiently since last 1 month or more. Many up and downs were there. Price went up to 188, but we didnt shut down position. We were confident about our chart pattern. And here is the result. I feel this chart pattern is more beautiful than Taj Mahal.

Update 3, 12th April 2017, 11.45 am

mcx zinc daily chart

     Look at the daily mcx zinc chart, price broke S2 166 just before few minutes. Below 166 there will be panic situation for zinc, can face lower circuit. If somebody is caught in long position should place sl at 164 and wait for any pull back to exit long.

    We booked all profits for our short  position created around 181. Now this zinc post is closed.