Axis bank forming A-B-C pattern Expected 161.8% expansion @ 374 CMP 474

SBIN Head & Shoulder Pattern

Yes bank Symmetrical triangle

MCX Gold Faces Resistance At 27020

MCX Gold October: Sell CMP 26600 | Stop @ 27020 | Target @ 26185 — 25353

MCX Gold Faces Resistance At 27020

The daily technical chart of MCX Gold October contract shows A-B-C Pattern formation. Gold dropped from 27833 (Point A) in June and took support at 26169 (Point B) in August. Thereafter, gold prices retraced by 50% of the  decline from Point A to Point B and touched the resistance of 27017 (Point C) recently.

The prices are expected to correct if it fails to cross the resistance level of 27017.

Gold fell by 1664 points (27833-26169). As per the A-B-C Pattern, calculating the same distance from 27017 will bring the target to 26185 (27017-832) on the lower side, which is the 50% of distance between Point A and Point B.

Thereafter, the next target could be 25353, considering the 100% of distance between Point A and Point B.

However, if gold reverts from the current level and trades above 27017 then the target on higher side would be 27830. 

MCX Lead Outlook Weak; May Fall To 112.40

MCX Lead September: Sell Below 114.5 | Stop @ 116.25 | Target @ 112.40 - 109
Risky Trader Sell CMP 115.55 | Stop @ 116.25 | Target 114.50 - 112.40 - 109

MCX Lead Outlook Weak; May Fall To 112.40

The lead futures contract traded on the Multi Commodity Exchange (MCX) has formed a Diamond Pattern. The pattern top is seen at 116.25 (Point C) and low at 114.15 (Point D). The Height of the Diamond comes to 2.1 considering the difference between these two points (116.25-114.15).

A breakdown is expected at 114.50 and lead may fall to 112.40 levels (114.50-2.1).  If the contract continues to trade below 112.40 then prices will further decline to 109 from where the uptrend began, before forming the Diamond Pattern. The contract faces resistance at 122.15.

Diamond Pattern:
The diamond formation reversal pattern occurs rarely. However, when it does, it usually forms at market tops rather than at bottoms. The diamond starts off as a broadening formation and then consolidates, usually forming a symmetrical triangle. The combination of price patterns first broadens and then consolidates, giving the geometric shape for which the diamond is named.

Canada arguably in recession after 2nd straight GDP decline

By Steve Goldstein

Published: Sept 1, 2015 9:59 a.m. ET

Canada has entered what many consider to be a recession as the country deals with the consequences of a dive in oil and other commodity prices.

Statistics Canada on Tuesday reported a 0.5% decline in second-quarter GDP, following a downwardly revised 0.8% decline in the first quarter. A recession can be defined as consecutive negative quarters of growth, and Canada is the only of the Group of Seven industrialized countries in that territory. The U.S. grew 3.7% over the same time period, the Commerce Department reported last week.

While not everyone agrees Canada in recession — employment has not declined — it’s not a pretty picture.

“While not yet a recession, since employment hasn’t declined, Canada’s first half was about as weak as advertised, although the momentum registered in June is consistent with our view that the third quarter will provide a breather as the economy, at least for a quarter, returns to growth,” said Avery Shenfeld of CIBC World Markets.

Canada’s mining and oil sectors were to blame, with oil and gas extraction collapsing at an annual rate of 15.4%, and mining tumbling by 5.9%.

The weakness from energy spread throughout the economy, as utilities shrank by 7.5% and construction dropped by 4.9%.

Household consumption managed to rise, as Canada, like the U.S., continued to see strong demand for autos. That resulted in a fall in the savings rate, to 4% from 5.2% in the first quarter.

A quarter-point rate cut from the Bank of Canada could come at the Sept. 9 meeting, argued Bricklin Dwyer of BNP Paribas in a note to clients.

“The Bank of Canada is likely to read this report as disappointing. While the quarter’s growth was in line with their forecast, Q1 was weaker than they thought. This combined with the composition of growth and the recent move in oil prices, suggests that the risks to the outlook remain clearly skewed to the downside,” Dwyer said.

The Canadian dollar USDCAD, -0.1207%  held its ground after the release of the report, but over 2015, the U.S. dollar is up about 13%.

http://www.marketwatch.com/story/canada-arguably-in-recession-after-2nd-straight-gdp-decline-2015-09-01

Bank Nifty Breakdown Below 16500 tgt 15200 - 14500