Sunday, 22 May 2016

Weekly Updates (23-05-2016)


NIFTY

Still range bound, Nifty seems to be preparing for selling with couple of shooting stars. But, the Swing Support @ 7700 levels will hold the price. This week, Nifty is expected to be short only until the Support, or remain neutral.

Verdict: Short up to the Support level. 

Key Levels to look for:
Resistance Levels = 8000 / 8080
Support Levels = 7700.95 / 7533


CRUDEOIL

Crude successfully broke the Resistance at 3173 level, after being in a small range for past 3 weeks, which confirms the buying pressure in Crude. Now, the Crude is expected to reach the next level Resistance in coming weeks.

Verdict: Expected to remain Long this week.


Key Levels to look for:
Resistance Levels = 3500 / 3656
Support Levels = 3173 / 3130


GOLD

Gold is at Resistance with couple of small real bodies, and an unconfirmed Hammer which indicates that the Gold would remain short further until the next Support level.

Verdict: Short up to Support level.

Key Levels to look for:
Resistance Levels = 30,000 / 30,538
Support Levels = 29,100 / 27,970



SILVER

Since there is no strong Resistance for Silver yet, any short move should be short lived, ideally, to the nearest Support of 39,150 level. But, until the 41975 Resistance is reached once again, reversal in Silver is a question mark.

Verdict: Short - but only up to 39,150.


Key Levels to look for:
Resistance Levels = 41,600 / 41,975
Support Levels = 39,150 / 38,800