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
Support 1 – 8420
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
Support 1 – 2884
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
Support 1 – 30,580
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
Support 1 – 45,000
Support 2 – 44,000
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
