Sunday, 8 May 2016

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:
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