Weekly Updates (01-08-2016)
NIFTY
Interestingly, last week Nifty has ended up creating a bullish
engulfing pattern, but that bullish pattern is at the Resistance zone, after a
neat up trend, and that is an indication of weakness. Therefore, as far as
Nifty is concerned, you can expect it to go up only until 8888 levels.
Key Levels to look for:
Resistance 1 – 8888
Support 1 – 8420
CRUDEOIL
Crude has not signaled anything for long, even after breaking
our 2884 Support level. Indeed, last week’s selling candle looks stronger for
further downside moves. Out next level of Support for Crude is at 2544 levels,
which he will hit.
Key Levels to look for:
Resistance 1 – 2884
Support 1 – 2544
GOLD
Still between Support and Resistance levels, Gold has created a
Bullish engulf pattern last week, but it is not at any Support level, so it
does not indicate any significant long move. Nearest Resistance for Gold is @
32,000 level.s
Key Levels to look for:
Resistance 1 – 31,974
Support 1 – 30,669
SILVER
Silver looks good for long, but until the next level of Resistance,
48,611. As far as Silver is concerned, he does not look week, so, it’s safe to
assume that he would still go up in the near future.
Key Levels to look for:
Resistance 1 – 48,611
Support 1 – 47,100
Support 2 – 45,598
NIFTY
Interestingly, last week Nifty has ended up creating a bullish
engulfing pattern, but that bullish pattern is at the Resistance zone, after a
neat up trend, and that is an indication of weakness. Therefore, as far as
Nifty is concerned, you can expect it to go up only until 8888 levels.
Key Levels to look for:
Resistance 1 – 8888
Resistance 2 – 9000
Support 1 – 8420
Support 2 – 7927
CRUDEOIL
Crude has not signaled anything for long, even after breaking
our 2884 Support level. Indeed, last week’s selling candle looks stronger for
further downside moves. Out next level of Support for Crude is at 2544 levels,
which he will hit.
Key Levels to look for:
Resistance 1 – 2884
Resistance 2 – 3425
Support 1 – 2544
Support 2 – 2355
GOLD
Still between Support and Resistance levels, Gold has created a
Bullish engulf pattern last week, but it is not at any Support level, so it
does not indicate any significant long move. Nearest Resistance for Gold is @
32,000 level.s
Key Levels to look for:
Resistance 1 – 31,974
Resistance 2 – 32,500
Support 1 – 30,669
Support 2 – 29,852
SILVER
Silver looks good for long, but until the next level of Resistance,
48,611. As far as Silver is concerned, he does not look week, so, it’s safe to
assume that he would still go up in the near future.
Key Levels to look for:
Resistance 1 – 48,611
Resistance 2 – 50,391
Support 1 – 47,100
Support 2 – 45,598
