- 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.
July 9, 2014
CRUDE Oil Support levels
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.
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