Sunday, 24 July 2016

Weekly Updates (25-07-2016)


NIFTY

Nifty took out our 8800 Resistance with a style last week! Now, we could very well see the selling pressure coming in from that point. A small real body, which also looks similar to a shooting star pattern indicates that we might expect selling in coming weeks.

Key Levels to look for:

Resistance 1 – 8888
Resistance 2 – 9000

Support 1 –  8420
Support 2 –  7927


CRUDEOIL

The Support level of 2884 is yet to be tested in Crude, and a bearish engulfing pattern near the Support indicates the selling pressure is slowing. As far as long is concerned, we will have to wait for the signal.

Key Levels to look for:

Resistance 1 – 3260
Resistance 2 – 3425

Support 1 –  2884
Support 2 –  2544


GOLD

In between Support and Resistance levels, Gold might need a little time for preparing for any major moves. This week, however, Gold is indicating a slowing selling pressure with the doji right after the bearish engulf pattern. It’s better to wait for the Support / Resistance levels.

Key Levels to look for:

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

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


SILVER

Selling candle of last week indicates an impending selling pressure left by Silver after strong bullish weeks, hence the Silver would still come down to the 44,000 levels. Although the trend is still Bullish, we must wait for proper confirmation.

Key Levels to look for:

Resistance 1 – 47,100
Resistance 2 – 48,644

Support 1 –  45,000

Support 2 –  44,000