Sunday, 5 June 2016

Weekly Updates (06-06-2016)


Strong breakout was followed by a (Green) Small real body, which managed to close above the previous high, indicating that the buying is still up. Nifty is still bullish, but since last week was a neutral candle, expect long only after taking Support level.

Verdict: Long after taking Support level. 

Key Levels to look for:
Resistance Levels = 8290 / 8723
Support Levels = 8200 / 8000


Crude is now reacting to the swing point around 3300 levels, and it has been doing that for 3 weeks now. Although a small real body and a shooting star like pattern seems convincing to look for a reversal, Crude still has thick Support levels nearby, around 3170 levels. So, we are still bullish on Crude.

Verdict: Long after taking Support.

Key Levels to look for:
Resistance Levels = 3500 / 3656
Support Levels = 3173 / 3110


Gold is still in short mode. The last candle, an inverted hammer is not at Support level, so we don’t have to worry about that, which makes it a failed buying attempt. Hence, we are still bearish on gold, and still waiting for it to reach the target of 28,000 levels.

Verdict: Short up to Support level.

Key Levels to look for:
Resistance Levels = 29,500 / 30,269
Support Levels = 27,970 / 27,000


Silver is right at the Support level. That bullish candle last week, although not a strong one, is still a precursor of struggle for the sellers. Silver might not be long this week, but the short move would also be very small, only up to the Support level.

Verdict: Short till 38,588 level.

Key Levels to look for:
Resistance Levels = 39,700 / 41,975
Support Levels = 38,588 / 37,000