Weekly Updates (09-05-2016)
NIFTY
Nifty is at 7700 level Support now, which is 50% of the wide range
bar. Nifty is expected to give a pullback from there up to 8000 level, since
the selling pressure that came from 8000 level Resistance is contained by the
7700 Support level.
Verdict: Long up to 8000 levels.
Key Levels to look for:
CRUDEOIL
Crude resides at the 3000 Resistance level. But it’s not yet at
the swing Resistance, and also the small red candle is not indicative of any
selling pressure yet. Hence, Crude is expected to go up further, until 3173
level.
Verdict: Expected to remain long until
3173 Resistance.
Key Levels to look for:
GOLD
A ‘double top’ like formation in weekly is confirmed this week
with a high wave candle, indicating the slowing of buying pressure. Although it
managed to close above the double top’s swing point, it might come down to the
first level of Support, which is 30,200 level.
Verdict: Short up to 30,200 levels.
Key Levels to look for:
SILVER
Although price has been bullish recently, a closer look indicates
that the price slows down around 41,000 level for the last 3 weeks, and it
cannot break that out. The last candle is a high wave candle, indicating the
price would give a pullback till the nearest Support level.
Verdict: Short until 40,200 levels.
Key Levels to look for:
NIFTY
Nifty is at 7700 level Support now, which is 50% of the wide range
bar. Nifty is expected to give a pullback from there up to 8000 level, since
the selling pressure that came from 8000 level Resistance is contained by the
7700 Support level.
Verdict: Long up to 8000 levels.
Key Levels to look for:
Resistance Levels = 8000 / 8005.80
Support Levels = 7700 / 7533
CRUDEOIL
Crude resides at the 3000 Resistance level. But it’s not yet at
the swing Resistance, and also the small red candle is not indicative of any
selling pressure yet. Hence, Crude is expected to go up further, until 3173
level.
Verdict: Expected to remain long until
3173 Resistance.
Key Levels to look for:
Resistance Levels = 3173 / 3303
Support Levels = 2800 / 2544
GOLD
A ‘double top’ like formation in weekly is confirmed this week
with a high wave candle, indicating the slowing of buying pressure. Although it
managed to close above the double top’s swing point, it might come down to the
first level of Support, which is 30,200 level.
Verdict: Short up to 30,200 levels.
Key Levels to look for:
Resistance Levels = 30,737 / 31,468
Support Levels = 30,200 / 27,970
SILVER
Although price has been bullish recently, a closer look indicates
that the price slows down around 41,000 level for the last 3 weeks, and it
cannot break that out. The last candle is a high wave candle, indicating the
price would give a pullback till the nearest Support level.
Verdict: Short until 40,200 levels.
Key Levels to look for:
Resistance Levels = 43,000 / 46,400
Support Levels = 40,200 / 39,150
