Sunday, 19 June 2016

Weekly Updates (20-06-2016)


NIFTY

We could see that the Nifty is stalling after a big bullish move during the last week of May. Spinning tops, lower closes all mean that the buying is slowing down, and also a slight touch of selling pressure coming in. There is no strong indication for short so long as Nifty is holds up above our Key point of Support @ 8000. As for long is concerned – as stated earlier, buying is pretty slow.

Key Levels to look for:

Resistance 1 – 8319
Resistance 2 – 8390

Support 1 –  8000
Support 2 –  7722


CRUDEOIL

Not much happened in Crude in the recent weeks. Selling candles, selling pressure occurring around 3400 levels is holding the price from going up. The last 2 candles are confirming the selling pressure from a swing resistance, which might actually cause a small down move, but for the reversal – crude is not weak enough for a reversal yet.

Key Levels to look for:

Resistance 1 – 3220
Resistance 2 – 3442

Support 1 –  3000
Support 2 –  2884


GOLD

A double top like formation is created by the Gold this week. A selling pressure at swing resistance needs some attention, as it is a critical place. Since there is no significant information on short / reversal, Gold would possibly give pullback at this point, after the exhaustive up move for the last 3 weeks. The psychological Support of 30,000 would act as a Support if the price falls.

Key Levels to look for:

Resistance 1 – 31,468
Resistance 2 – 31,750

Support 1 –  30,538 
Support 2 –  30,269


SILVER

Similar to Gold, Silver is also creating a double top formation, although an unconfirmed one. Silver is seeing some selling pressure at the swing resistance, naturally, which could just mean a temporary setback from going up, which is only until confirmed.

Key Levels to look for:

Resistance 1 – 43,000
Resistance 2 – 43,728

Support 1 –  41,000
Support 2 –  38,270