February 23, 2017

CRUDE oil chart update

  • Crude oil daily candle looks bullish so far. If the current price action stays a Higher close is possible in this time frame, which could lead to bigger up moves.
  • 55.24 level is the next challenge for crude bulls to cross above.

NIFTY Resistance zone and Rising wedge

  • Nifty daily chart is testing the recent swing High'
  • 4 Hour chart shows a resistance line which is part of a Rising wedge pattern.
  • Rising wedges are mostly bearish. But as we are close to historic High's anything is possible. Weakness only if price falls below 8700 levels.