- As shown in one hour time frame the Trend is still in favour of Bulls. No weakness seen yet. If the 200 Day SMA does not spoil another High's are possible.
- Daily close need for bulls above 200 SMA.
- Weakness returns in daily time frame below 8218 levels.
- CRUDE Oil violates support levels
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- 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
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- 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.
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- Nifty bulls need to close above 200 SMA to gain momentum.
- Weakness below 50 Hour SMA and 8218 levels as shown in 2nd chart.
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- Gold 4 hour chart is testing another resistance zone at 1180.
- Weekly resistance is near 1200. This zone was previous support which may act as resistance now.
- Weakness if price falls back below 1170 levels. Bigger up move possible only if price is able to sustain above 1200 zone.
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- Crude oil is falling towards crucial support levels.
- Bigger weakness only if price falls below 52 and 200 period SMA.
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- Crude oil weekly chart shows previous resistance line acting as crucial support. As long as this line holds there is no threat of a bigger correction.
- 4 Hour chart is shown with immediate support and resistance numbers.
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