Sunday, 17 July 2016

Weekly Updates (18-07-2016)


NIFTY

As we expected Nifty took off last week, and now it is travelling toward the next level of Resistance @ 8800 level, at which point we are expecting a pullback from Nifty. Until then Nifty is still strong.

Key Levels to look for:

Resistance 1 – 8723
Resistance 2 – 8800

Support 1 –  8400
Support 2 –  7927


CRUDEOIL

Crude is still maintaining its neutral position and does not indicate anything about the near-term trend, and as far as now, it is still in a correction phase for the up move, which started this February. We are still positive on Crude oil, and the Support of 2884 might once again pounce the price back to up-trend.

Key Levels to look for:

Resistance 1 – 3260
Resistance 2 – 3425

Support 1 –  2884
Support 2 –  2700


GOLD

As expected Gold gave a slight pullback last week. Now, it is near our Support level @ 30,500 level. Although there is a big red bar after taking up the Swing resistance @ 32,000 level, Gold is still not under the influence of sellers, and would go up in the near future, although we must wait for the Support levels.

Key Levels to look for:

Resistance 1 – 31,974
Resistance 2 – 32,500

Support 1 –  30,580
Support 2 –  29,852


SILVER

Silver is still maintaining above the Swing Resistance at 46,000 range, which is just an indication that it is still bullish. The last candle is not as strong, and does not indicate any strong price action formation. It’s expected that the Silver is still long, and possibly reach our Resistance at 50,000 range this week.

Key Levels to look for:

Resistance 1 – 49,500
Resistance 2 – 50,000

Support 1 –  45,000
Support 2 –  44,000