February 9, 2016

Crude oil violates support level

  • Crude oil continues its bearish path. 30 Minutes shows price moving down in a bearish channel. Crude bulls need to break above this channel before price violates 27.57 levels again.
  • 4 Hour chart shows a bearish head and shoulder pattern breakdown. Crude bulls need to stay above 27.57 levels. 

Nifty chart analysis

  • First chart shows previous support zone acting as resistance. Bigger strength for Bulls only on price crossing this level, To be specific 7600. 
  • Bears need price to stay below 7351 and 7242 levels for bigger falls to happen.
  • Month chart shows possibility of price extending towards the rising support line on breaching 7242 levels.