January 10, 2017

CRUDE Oil Violating support levels

  • Crude oil 4 hour chart shows price violating support lines.
  • Price staying below 200 Period SMA will add more strength for crude oil bulls.
  • If bulls cannot take price above 200 SMA then correction may extend towards 50.55 and 49.75 levels.  So this is a crucial level for crude oil bulls to defend.
  • GOLD Trend Update

GOLD Trend update

  • Immediate support and resistance levels for Gold are 1170 and 1185. Another range breakout if sustains above 1185 towards 1200 levels is possible. 
  • Weakness below 1170 levels and the 100 Hour SMA. Hour trend will be safe till price stays above the 100 Hour SMA.

NIFTY Morning update

  • Nifty bulls need to close above 200 SMA to gain momentum.
  • Weakness below 50 Hour SMA and 8218 levels as shown in 2nd chart.