Weekly Updates (02-05-2016)
NIFTY
Nifty reached the major zone 8000, last week, finally. Couple of
Doji has been created at that level, also, indicating a slight disturbance in
the prior uptrend. There is also a swing resistance nearby at 8005 levels.
Although Nifty is expected to be short this week, it will mostly stay inside the
prior range.
Verdict: Short after taking the
Resistance at 8005.80, until 7770 levels.
Key Levels to look for:
CRUDEOIL
Crude reached our Resistance level (3000) last week and remains
near a swing resistance, 3173. Since the candles remain bullish near the
Resistance, it would be better to wait until we see any kind of confirmation
for a reversal or continuation.
Verdict: Expected to remain neutral
after taking the Resistance.
Key Levels to look for:
GOLD
A ‘double top’ like formation in weekly is not yet confirmed for
reversal, also we have yet another major Resistance at 30,737 level. Since the
buying last week was a strong one, this week Gold is expected to remain
neutral, and stay inside the Support & Resistance zones.
Verdict: Neutral. Would remain inside the Support & Resistance zones.
Key Levels to look for:
SILVER
With successive, strong breakouts Silver is still expected to
remain Bullish until the next resistance of 43,000 levels, since the candles
are still confirming the long move by breaking above and staying above 41,000
last week.
Verdict: Long until 43,000 levels.
Key Levels to look for:
NIFTY
Nifty reached the major zone 8000, last week, finally. Couple of
Doji has been created at that level, also, indicating a slight disturbance in
the prior uptrend. There is also a swing resistance nearby at 8005 levels.
Although Nifty is expected to be short this week, it will mostly stay inside the
prior range.
Verdict: Short after taking the
Resistance at 8005.80, until 7770 levels.
Key Levels to look for:
Resistance Levels = 8005.80 / 8080
Support Levels = 7770 / 7533
CRUDEOIL
Crude reached our Resistance level (3000) last week and remains
near a swing resistance, 3173. Since the candles remain bullish near the
Resistance, it would be better to wait until we see any kind of confirmation
for a reversal or continuation.
Verdict: Expected to remain neutral
after taking the Resistance.
Key Levels to look for:
Resistance Levels = 3173 / 3303
Support Levels = 2930 / 2544
GOLD
A ‘double top’ like formation in weekly is not yet confirmed for
reversal, also we have yet another major Resistance at 30,737 level. Since the
buying last week was a strong one, this week Gold is expected to remain
neutral, and stay inside the Support & Resistance zones.
Verdict: Neutral. Would remain inside the Support & Resistance zones.
Key Levels to look for:
Resistance Levels = 30,500 / 30,737
Support Levels = 30,161 / 27,970
SILVER
With successive, strong breakouts Silver is still expected to
remain Bullish until the next resistance of 43,000 levels, since the candles
are still confirming the long move by breaking above and staying above 41,000
last week.
Verdict: Long until 43,000 levels.
Key Levels to look for:
Resistance Levels = 43,000 / 46,400
Support Levels = 40,100 / 39,150
