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Ivrcl _Short-term bullish trend

December 23, 2013

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Century Textiles : Bullish Bias in Medium-term

Weekly Chart As evident from the weekly charts, the stock has moved out from the Head and shoulder pattern @285 with increased participation. It moved till INR 322.00 where it faced resistance. Eventually, it tested the neckline, where buying emerged once again and the century continued its uptrend. The implication of the said pattern is bullish in the medium term. Currently, the stock is trading near 316. It could face minor resistance near 325. Once it is taken out it would head towards INR 340 and INR 350.

Gold : Technical Outlook

On analyzing the performance of gold for an extended period, we found that the metal is hovering near the support levels. Gold peaked at around USD 1,920 in 2011. In 2012, the metal failed to post a new high. However, it managed to hold above the low of 2011. Eventually, gold breached the low of 2012 (1,527) and thereafter declined. The metal found support near the 38.2% retracement level. Since then, it has been consolidating. Currently, there is a lack of clear direction. Gold is still in bearish mode on an extended timeframe. On the monthly charts, momentum oscillators are hovering in the negative territory. In the long term, the metal could find support at 1,190. If the metal closes below the mentioned level, it would lead to further decline. Considering the extended timeframe, we believe gold could continue to consolidate in the near term. A clear breakout would determine the direction of the yellow metal in the coming months. As evident from the weekly charts, gold

Nifty_Medium Term Positive bias

On December 10, the Indian markets witnessed a strong opening. The gap was more than 2%, well above the record high of 6,357. However, during the day, the index eased slightly. Eventually, it closed at an all-time high. The daily chart is exhibiting a breakaway gap, indicating the change in sentiment is strong and the coming move will be powerful. We maintain our positive stance for the coming weeks; we expect higher levels of 6,400 and 6,550. On the daily charts, the bullish breakout from the triangle is still intact. Moreover, on the monthly charts, the RSI is displaying a value of 61, suggesting scope for upside in the coming months. However, on Monday, it ended in a bearish candlestick formation. Weakness below the candle’s low could attract some profit booking. The breakaway gap could be filled before prices resume the uptrend. The daily RSI momentum oscillator is exhibiting negative divergence, signaling caution. A close below 6,280 would indicate that the current momentum i

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Ivrcl _Short-term bullish trend

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