Sunday, 10 July 2016

Weekly Updates (11-07-2016)


NIFTY

Although last week Nifty ended up as a spinning top candle, which also happens to be at a swing Resistance, The price still managed to stay above the key Resistance level, which indicates that the Nifty is still good for long.

Key Levels to look for:

Resistance 1 – 8723
Resistance 2 – 8800

Support 1 –  8200
Support 2 –  7927


CRUDEOIL

This week the price might take the Support level of 2884. Even with the big real body of Red candle last week, Crude still does not confirm any strong moves for short. It’s better to wait to see what it says at the Support level.

Key Levels to look for:

Resistance 1 – 3115
Resistance 2 – 3425

Support 1 –  2990
Support 2 –  2884


GOLD

Couple of small real bodies in Gold are indicating that there is a possibility for a pull back this week. We could expect the pullback up to 31,000 level, and 30,538 levels.

Key Levels to look for:

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

Support 1 –  31,500
Support 2 –  30,538


SILVER

Silver might still be long, at least until our point of Resistance. Although buying it now may not be as attractive now as it is already at Resistance. Even with the Resistance nearby, Silver does not look like it is going to reverse.

Key Levels to look for:

Resistance 1 – 48,343
Resistance 2 – 49,500

Support 1 –  45,000

Support 2 –  44,000