NG, developing H & S pattern on weekly chart

nymex weekly ng chart

mcx weekly ng chart 

     Read this post very carefully, if you are NG trader. NG price is around very crucial point. You can see it on both weekly charts that, price is about to make Head & Shoulder pattern. First left shoulder, Head is already there. Last shoulder is in making. Yes I admit the fact that,'' there can be failure of the chart pattern." Price can go upward from Friday closing price as shown with upward red arrow. But in that situation there can be still chance of making last shoulder because there is no certain rule about height of shoulders. It may not be same in respect of height. One shoulder can more high or low than other. It should be lower than Head, that's all about this pattern in respect of height of shoulders. Neckline should be on same price mark is most important rule. Here in both charts we can see that," neckline is placed at 2.527 and 169 rupees. All 3 points of first shoulder and head is placed at mentioned price marks.

     Now we should look at the second head in making. If we look at first shoulder & Head's top and bottom, reversal of price is in 'V' shape recovery. While moving up & down price moved in vertical form. But look at the last shoulder's last 4 candles. These candles are bending down or consolidating. This action made me suspicious about possibility of Head & Shoulder is in making. 

     Now most important question is that," how can we earn profits from this chart reading ? how to use this info ?" Answer is simple, I wrote 2 arrows ( red ) in chart. If price will go in direction of southward moving arrow, it will go towards neckline. In that case, support will be low point of last 2 candles. 3.156 or Rs 203 & 3.010 or Rs 195. Breaking these 2 points will push the price directly toward 2.502 or  Rs 169 mark. If it will break this price mark downward then next target will be 1.593 or Rs 110.  Neckline of HS pattern is placed there. As it is weekly chart, it will take its time in weeks. and second point is that," after breaking neckline, price can return above neckline again. Showing falls failure of HS pattern. This is habit of this chart pattern. But don't be afraid, keep patience in that situation.  

     Another situation is exact opposite of this downward theory. Price can go upward as shown with the red arrow ( upward moving ). If this happens, next resistance will be 3.30, 3.34 or Rs 214, Rs 218. After crossing these 2 hurdles price can go directly towards 4.002 or Rs 265. If any how price break this mark upward then only sky is the limit for NG price.

     Dear Friends, read it very carefully, try to understand the situation of NG price movement, keep it mind that,'' it is weekly chart and not for short term use." Many little up and downs can be there. 

     Hope you find this article useful in taking your decisions. Thanking you, Jay Shriram.

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.