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:
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:
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:
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:
Support Levels = 38,588 / 37,000
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
