Gold Forming Inverted Flag pattern Formation

Trading Strategy : Sell Comex Spot Gold Below $1255 per ounce stop @ 1291 Target @ 1230 - 1205 - 1180 - 1154

Comex Silver Forming Bearish Pennant Formation

Trade Recommendation:  Sell Silver Below $17.5 per ounce with target of 16.85 - 16.2 - 15.55 - 14.91 
Expected stop advise at 17.9 on closing basis.

A Pennant (Bearish) is considered a bearish signal, indicating that the current downtrend may continue if price sustain below the lower support trend line at $17.5 per ounce.

A Pennant (Bearish) follows a steep, or nearly vertical fall in price, and consists of two converging trend lines that form a narrow, tapering flag shape. The Pennant shape generally appears as a horizontal shape, rather than one with a downtrend or uptrend.

Apart from its shape, the Pennant is similar in all respects to the Flag. The Pennant is also similar to the Symmetrical Triangle or Wedge continuation patterns however; the Pennant is typically shorter in duration and flies horizontally.

However, as with Flags, when the Pennant completes you will often observe a sharp spike in volume.

In his book, Technical Analysis of the Financial Markets, John J. Murphy identifies that Pennants and Flags are relatively short-term and should be completed within one to three weeks". He also notes that by comparison, the bullish patterns take longer to develop than the related bearish patterns.
  

MCX Zinc Prices May Correct If Fails To Cross Immediate Resistance

MCX Zinc March: CMP Rs 123.90/Kg
Strategy: Sell @ CMP | Stop @ 125 | Target @ 120.70 — 118.65 — 116.90

The MCX Zinc March contract is showing signs of Double Top Formation at 124.50, which indicates that prices may correct if the contract fails to cross this resistance level.

Zinc rose from 112.70 (Base Point) in mid-February to test the higher level of 124.50 (Point A) in early March. However, prices failed to sustain at higher levels due to profit booking and zinc fell to 116.9, which is the mid-point of Double Top Formation.

Zinc witnessed buying interest at lower levels and prices have firmed up in the past few trading sessions to touch 124.50 at (point C). The contract faces immediate resistance at 125 and if it fails to cross this level on closing basis then prices may correct to 120.70.

A further decline below this level could see zinc falling to 118.65-116.90 levels. If the contract breaks the mid-point support of 116.90 then prices could fall to the previous bottom of 112.70.

However, if zinc rises from the current level and crosses 125 on closing basis then prices may gain further to test 130 levels.

Zee ltd Sell Below 388 stop @ 398 tgt 352 - 316

Zee ltd Sell Below 388 stop @ 398 tgt 352 - 316

ACC positional Sell @ 1363 Stop @ 1390 tgt 1310 - 1270 - 1220

ACC positional Sell @ 1363 Stop @ 1390 tgt 1310 - 1270 - 1220,

Crossover above 1383 - 1390 clsoing basis higher target of 1440 stop @ 1350 advise

Yes Bank Positional Sell CMP 833 Stop @ 845 Target 800 - 770 - 730 - 680

Yes Bank Positional Sell CMP 833 Stop @ 845 Closing Basis Target 800 - 770 - 730 - 680 

EUR/USD near to the resistance level of 1.1340 - Outlook Weak

EUR/USD: Sell CMP 1.1310 | Stop @ 1.1400 | Target @ 1.1105—1.0900  OR

EUR/USD: Buy Above 1.1400 | Stop @ 1.1200 | Target @ 1.1830—1.2320

The technical chart of EUR/USD shows Symmetrical Triangle Pattern formation. EUR/USD is trading near the higher resistance trend line. Prices are still well within the range of Symmetrical Triangle Pattern and may give a fall from the falling resistance trend line. EUR/USD prices fell from 1.1495 (Oct 15) to 1.0515 on December 3 and thereafter went into the consolidation phase, forming the Triangle Pattern with higher bottom and lower top.

Height of the Triangle is 980 points, which is the difference from 1.1495—1.0515 levels. A breakout can be seen on either side. The prices are expected to move higher if the contract crosses 1.1340. However, if prices fails to cross the resistance level on closing basis, fall in prices are expected and short-term downtrend can bring the prices to the lower support level. 

If the contract crosses higher resistance level of 1.1340 then prices may test 1.1830—1.1220. But if the contract reverts from current level and sustain its trading below 1.1340 on closing basis, then prices could fall to 1.105—1.0900 levels, which is the lower trend line of the Triangle Pattern.

Breakdown in EURUSD is expected in long term if the prices trades below 1.0900 on closing basis. Positional lower target comes to level below 1 Dollar to 1 Euro and can test the level of 0.9920 level which is height of the triangle from the Apex point crossover at 1.0900.  However Sustain trading above 1.0340 — 1.0400 might bring higher level of 1.1830 — 1.2320 level in near term.