Sunday, 26 June 2016

Weekly Updates (27-06-2016)


NIFTY

The last selling candle is a high wave like candle, which means that still the battle between buyers and sellers is intact. As you could see, the Support and Resistance zones in the chart are at a pretty close range, which means that the direction of the trend is still muddled. It’s better to wait this week and see what Nifty has to say, and say clearly!

Key Levels to look for:

Resistance 1 – 8319
Resistance 2 – 8390

Support 1 –  7723
Support 2 –  7700


CRUDEOIL

Crude is still under the dominance of consolidation, meaning that we should wait further to pinpoint on the reversal. So for now, it’s safe to assume that Crude is still long, but this week, it might give a pull back up to the Support level, as the last week was a shooting star.

Key Levels to look for:

Resistance 1 – 3442
Resistance 2 – 3500

Support 1 –  3115
Support 2 –  3010


GOLD

The psychological Support of 30,000 did act as Support last week when price fell, and now the Gold has successfully breached the major double top Resistance which is a strong indication that the Gold is going to continue with its uptrend in the near future.

Key Levels to look for:

Resistance 1 – 32,800
Resistance 2 – 35,074

Support 1 –  30,500
Support 2 –  28,410


SILVER

Silver has still not confirmed any buying pressure in the near Future, and still it’s at the Double top range. This week Silver might give a pullback up to 41,000 range, a psychological range. If it is going up from the current level directly, there is a Resistance nearby, at 43, 728 level, where the price might have a struggle, again.

Key Levels to look for:

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

Support 1 –  41,370
Support 2 –  38,270