NG is bearish. It has broken out of the tight range in the weekly TF. First gap below filled. It looks like the second gap to be filled is on its way.
Inthe daily TF, price is touching the lower BB and it could trigger dead cat bounce to mid of BB which is also around the ichimoku cloud.
In the monthly TF, price is nearing the doji candles on the left which could mean NG may trade sideways for a while unless some very bullish news to trigger large short covering. I am watching if NG bounce after touching the lower channel.
All in all, be cautious on being a bulls or bears at this level.
Daily support/resistance on 6th Feb: 3.076, 3.122
Weekly support/resistance from 6th Feb - 10th Feb: 3.099, 3.192
Monthly support/resistance for Feb: 3.199, 3.333 (NGH7: 3.196, 3.323 )
2017 Yearly support/resistance: 3.415, 2.757
Inthe daily TF, price is touching the lower BB and it could trigger dead cat bounce to mid of BB which is also around the ichimoku cloud.
Daily support/resistance on 6th Feb: 3.076, 3.122
Weekly support/resistance from 6th Feb - 10th Feb: 3.099, 3.192
Monthly support/resistance for Feb: 3.199, 3.333 (NGH7: 3.196, 3.323 )
2017 Yearly support/resistance: 3.415, 2.757
Market opens at new 52-wk high; Sensex up 150 pts, Nifty eyes 9K .capitalstars
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