Gold looks bearish in daily chart. Price is below 200 SMA and 50 SMA. Currently trading at $778, below $800. Nearest resiatnce level is at $800 and Support level at $735.
Silver looks very bearish in daily chart. Silver is trading in a perfect down channel. Currently price is at 9.08. Nearest resistance is seen at 10.07 and support at 9.11.If support breaks at 9.10 then silver has more down side to come in next few weeks time.
Market Sentiment - Bearish – Sell on Retracement
Daily technical chart pattern for Jet airways looks bearish. Resistance has been seen at Rs. 550 area. If this stock won’t rise further, than it could be a good idea to short this stock on retracement at around Rs. 500 with target below Rs. 400 with tight stop/loss just above Rs. 538.
But keeping the recent market bullish activity due to US market bailout in mind, I would suggest waiting for retracement and shorting with volume confirmation.
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