July 9, 2014

CRUDE Oil Support levels

  • Crude oil testing crucial support levels.
  • Price staying below Hourly cloud will continue to favor crude oil bears.
  • Daily chart if holds above the support levels mentioned may result in a bounce.

NIFTY Chart analysis

  • Nifty Has been diverging negatively for sometime now. Price and RSI shows Negative divergence as shown in 3rd chart.
  • Follow up correction only if price starts to trade below 20 Day SMA.
  • Crucial support levels for the medium term are 7441 and the Rising 50 Day SMA.