July 1, 2015

Crude oil chart analysis

  • Crude oil testing range bottom. Price falling back to 100 Day SMA. Week is violating the 23.6% Fib level again. Crude bears need a weekly close below 23.6% Fib level to extend gains.

Nifty trend update

  • First chart shows the Descending triangle pattern in weekly chart. Price has moved from the support zone of the pattern to its resistance line.
  • Another hurdle for the bulls is the 20 Week SMA.
  • Major up trend for nifty will be safe till the swing low around 7940 - 7960 is not broken on closing basis.