Sunday, 31 July 2016

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
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