Saturday, 28 May 2016

Weekly Updates (30-05-2016)


NIFTY

After 5 consecutive small real bodies, Nifty got refreshed last week, a strong Bullish candle breaking up above the major Resistance zone, 8000, which is also, a sort of consolidation breakout, so Nifty is expected to travel upside in coming weeks. As far as this week is concerned, Nifty is expected to remain neutral or give a slight pullback up to the recent Support zone.

Verdict: Neutral / slight pullback to the Support level. 

Key Levels to look for:
Resistance Levels = 8290 / 8723
Support Levels = 8100 / 8000


CRUDEOIL

Although a neutral session last week, Crude managed to stay above the Resistance at 3303 level which indicates that it is still in bullish mode. But since last week was a neutral candle, it is better to look for long after Crude takes the first level of Support.

Verdict: Long after taking Support.


Key Levels to look for:
Resistance Levels = 3500 / 3656
Support Levels = 3240 / 3173


GOLD

Gold looks like it is still in under bearish control. Also, Gold is yet to reach our Support level mentioned last week hence it is expected to be in short this week, also.

Verdict: Short up to Support level.

Key Levels to look for:
Resistance Levels = 28,900 / 30,269
Support Levels = 27,970 / 27,000


SILVER

Silver successfully broke down the Support level @ 39,150 last week, which makes it look further weak. Also, silver broke down below a thick range in which it remained for four consecutive weeks. So, we can look for short move this week.

Verdict: Short move is expected this week.


Key Levels to look for:
Resistance Levels = 39,700 / 41,975

Support Levels = 38,588 / 37,000