In this blogpost I will take you through 4 charts. All are with weekly Timr Frames.
The first one is for Gold in Indian Rupees. As you can see - Gold has made a higher high with a little divergence in macd that suggests that a consolidation of the big move we have seen may be ahead. Now care is to be taken that its a probability and not a surity.
When it comes to Silver weekly in Indian Rupees - its making quite a base for its move upwards and is in a very good consolidation zone. Thus its prudent enough to accumulate it and not trade.
When i see this chart - i see that time and again nifty has found support near 200ema weekly line and this week as well this was the case. On seeing carefully (for a novice like me) positive divergences are visible which mean that as the prices are moving sideways the downward momentum is waning and thus can be attributed to waning selling strength. Hence upward movement is more probably compared to down move.
One of the very strong charts at the moment is that of tata motors. The indicators are in buy mode and prices are at the confluence of 100ema/ 8ema and 13ema which suggests that the scrip can be bought here on Monday with very low risk.
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