Weekly Updates (16-05-2016)
NIFTY
Nifty began to react to 8000 Resistance levels 3 weeks ago, but
still we see that the price is stalling; which makes it clear that the selling
pressure is not strongly built, yet. Now, Nifty has created an IB, and a Swing
support at 7700 levels. Which looks more favorable for a long move until 8000
level again.
Verdict: Long up to 8000 levels.
Key Levels to look for:
CRUDEOIL
What we see in Crude is a Couple of small real bodies at
Resistance and slowing up buying momentum. A good indication to exit any long
positions, or for trailing the Stop, but Short? Not yet! Last 2 real bodies
have lower shadows indicating that there’s still some buying left. But since it
has already been indicated that the buying is slowing up, it’s better to expect
a neutral session this week.
Verdict: Expected to remain neutral.
Key Levels to look for:
GOLD
Very similar to that of crude, Gold is also at Resistance,
creating small real bodies. But the small real bodies with long lower shadows
is still an indication of the leftover buying pressure at Resistance. But since
the last candle took Support at 50% of the previous big green candle, we expect
gold to be long, but only up to the major Resistance.
Verdict: Long up to resistance level.
Key Levels to look for:
SILVER
Although price has been stagnating in the same level, there is no
Resistance previously for Silver. The Resistance around 41,975 has just been
created which must be tested before we can conclude anything about short. So,
we could safely assume that it is still in buying pressure up to the major
Resistance.
Verdict: Long up to resistance levels.
Key Levels to look for:
NIFTY
Nifty began to react to 8000 Resistance levels 3 weeks ago, but
still we see that the price is stalling; which makes it clear that the selling
pressure is not strongly built, yet. Now, Nifty has created an IB, and a Swing
support at 7700 levels. Which looks more favorable for a long move until 8000
level again.
Verdict: Long up to 8000 levels.
Key Levels to look for:
Resistance Levels = 8000 / 8080
Support Levels = 7800 / 7700
CRUDEOIL
What we see in Crude is a Couple of small real bodies at
Resistance and slowing up buying momentum. A good indication to exit any long
positions, or for trailing the Stop, but Short? Not yet! Last 2 real bodies
have lower shadows indicating that there’s still some buying left. But since it
has already been indicated that the buying is slowing up, it’s better to expect
a neutral session this week.
Verdict: Expected to remain neutral.
Key Levels to look for:
Resistance Levels = 3173 / 3303
Support Levels = 2985 / 2544
GOLD
Very similar to that of crude, Gold is also at Resistance,
creating small real bodies. But the small real bodies with long lower shadows
is still an indication of the leftover buying pressure at Resistance. But since
the last candle took Support at 50% of the previous big green candle, we expect
gold to be long, but only up to the major Resistance.
Verdict: Long up to resistance level.
Key Levels to look for:
Resistance Levels = 30,300 / 30,538
Support Levels = 29,100 / 27,970
SILVER
Although price has been stagnating in the same level, there is no
Resistance previously for Silver. The Resistance around 41,975 has just been
created which must be tested before we can conclude anything about short. So,
we could safely assume that it is still in buying pressure up to the major
Resistance.
Verdict: Long up to resistance levels.
Key Levels to look for:
Resistance Levels = 41,600 / 41,975
Support Levels = 40,100 / 39,150
