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Candlestick Analysis

Prospects of Further downside in Nifty hanging by the thread. Pretty bad closing by Nifty today which has further downside in Nifty hanging by the thread. As you can see we are near the bottom of the pennant structure. If the downside is broken by any chance possibility of further downside can not be ruled out. However if the support of today's low is maintained possibility of upside will open up. Silver lining in the cloud is DII being on buying side and RSI has take an upward turn with closing above yellow line. The supports for Nifty now are at 23463 Bollinger lower band support, 23380 and 23365 (Final Support). Resistances on the upper side for Nifty are at 23682 (Bollinger mid band), 23722 (Mother line resistance), 23787 (Bollinger upper band), 23889 and finally 23980 (Father line resistance). Above 23980 closing the door for further up side will open. With Medium term targets being at 24073, 24103, 24232, 24302 and finally 24401. Above 24401 closing Bulls can jump back to business. Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. I or my clients might have positions in the stocks that we mention in our posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Hit 2670 as expected,continued to buy gold after falling backBros, gold has finally lived up to expectations, successfully reaching my projected target range of 2670-2680. Those who have been following my trading strategy know that I’ve consistently maintained a bullish stance on gold and frequently highlighted the target range of 2670-2680. Now, gold has hit the anticipated level of 2670. In the short term, gold has accelerated upward to the 2670 level. However, I believe this is not the peak of the current rally. If gold manages to hold above the 2655-2650 support zone during any corrections, it could potentially extend its upward momentum toward the 2685-2690 range. Bros, have you followed me to do long gold? If you want to learn more detailed trading ideas and get more trading signals, you can choose to join the channel at the bottom of the article to make trading no longer difficult and make making money a pleasure!
OANDA:XAUUSDLong
by Trader_Marvin
Pending SellLooks like we’ve got a fresh swing point printed across the board, signaling more downside to come. A quick glance at the four hour chart backs that up—clean and clear, no guessing needed. Here’s the game plan: I’ll be working with the equilibrium of the daily parent candle as my entry. It’s sitting at a logical level, perfectly aligned with the narrative. Pending order’s locked in, paired with a logical stop anchored at a major price level to keep risk in check. Now it’s all about patience. Let’s see how the market moves and if this setup delivers the goods.
Short
by PointOneFx
Gold is expected to rise to the 2670-2680 after consolidatiGold has been consolidating intraday, fluctuating primarily within the 2645-2655 range. From the structural perspective, it is evident that although gold has repeatedly faced resistance near 2655 in the short term, there is no significant downside retracement, resembling the previous staircase-like upward movement. This suggests that gold could utilize the consolidation phase to build upward momentum, paving the way for a breakout rally toward the 2670-2680 zone. Therefore, in the short term, I remain bullish on gold. Key support levels to watch are concentrated in the 2645-2635 range.Bros, are you optimistic about the continued rise of gold? If you want to learn more detailed trading ideas and get more trading signals, you can choose to join the channel at the bottom of the article to make trading no longer difficult and make making money a pleasure!
OANDA:XAUUSDLong
by Trader_Marvin
The upward trend will continue, target: 2670-2680Gold affected by bearish PMI data, initially pulled back to the 2642 level before rebounding sharply to a high of 2656. It has since slightly retreated but remains in a consolidation phase overall. While gold's short-term bullish momentum has weakened somewhat, it is unlikely to establish a new downtrend in the near term. Recent pullbacks have consistently preserved the bullish structure, and during the rebound attempts yesterday and today, two long lower wicks have formed on the candlestick charts, signaling strong buying support below. Therefore, gold remains poised to break above the recent high of 2665 after this consolidation phase and extend its rally toward the 2670-2680 zone, or potentially even 2690. Following today’s trading strategy, I entered a long position on gold at 2640 and manually closed it around 2659 to secure profits. Although I missed the opportunity to go long near 2642 after the PMI-driven pullback, I observed the formation of a W-bottom pattern on the 5-minute candlestick chart. This prompted me to re-enter a long position around 2646, and, given gold's current consolidation phase, I promptly closed the position at 2652 to lock in profits. For upcoming trades, the candlestick chart shows an upward bias, and we will continue to prioritize long positions in short-term trading. However, the key support zone to watch has now shifted higher to the 2645-2635 range. Bros, have you followed me and made a profit by going long gold? There will still be opportunities to participate in the long gold trade later. If you want to learn more detailed trading ideas and get more trading signals, you can choose to join the channel at the bottom of the article to make trading no longer difficult and make making money a pleasure!
OANDA:XAUUSDLong
by Trader_Marvin
Neutral on closeLeading on from yesterday where I'd used the weekly range, I now favour the accuracy of the daily levels since we have more data. We're presented with a bearish candle that closed inside the range of the highlighted parent candle. So, that FVG on DXY is still there, also the pound swept yesterday's high. It seems neutral, eh? I still think there will be short term buying. At this moment in time, it's still too soon for me to enter this trade. I will check the 9am open for any potential after the red flag news. Otherwise, see you after 5pm EST.
by PointOneFx
NASDAQ Composite Has Highest Volume Distribution Day In 4+ YearsI scrolled back as far as IXIC would supply me the data and I was unable to find a day that had this much volume at all. I realize that this is just one single data point in a sea of data points, but this is a very strong one. This is not trading advice, but it is a word of caution for myself for the near term. The correction we are currently experiencing has good odds of taking out the previous low soon. I will not be taking on any more risk in the near term, and if we get a a bounce tomorrow morning I may use it to go into all cash until conditions improve.
NASDAQ:IXIC
by CardinalRuleTrader