CL_F tested an interested support zone at 54.20 areas. this is a good reference and looking for this test to hold. we will look for a bullish view above the 54.90 areas. Below are the scenarios:
1. hold above 54.90 areas, look to test 55.20 and 55.90 areas.
2. fail to hold 54.40 and break below 54.20 areas for a larger inflection towards 53.20 and 52.90 areas
in USOIl 56.75-56.60 remains as the trend decider for today, we have marked an interesting low at 56.33 ( previous top references).
theme remains bearish below the trend decider. Break below 56.33 can see an accelerated fall to test 55.80 areas.
Hold above trend decider we have a chance to test 57.30 areas
CL_F poked the areas of 58.70-90 for long , now for a hold above should go on to test 59.4 59.70 areas. failure to hold that alternate scenarios for a test failure and a test of a larger swing down to test 57 areas.
CL_F has seen a lot of volatility, does it cool off now? well we dont know. But here is the plan.
Looking for a range bound rotation and pullback trades within the support and the resistance zones.
Break outside the areas for potential target zones.marked in red and blue ( red - Short term references and Blue Long term references)
Expecting a hold of the 58.7-58.50 areas. for a test back to the target areas marked in dashed lines as a primary scenario.
secondary scenario - Break below that expect to test the downside target areas.
blue dashed lines- ( Long term references)
Red Dashed lines ( Short term references)
we have these two references from larger timeframes in crude today.
1. 58.80- get there and hold below we move lower for test of 57.50, 56.25
2. 60.65 - hold above that we go on to test 63, 64.50 areas.
too many players eager to fade the gap up.. so we go to be careful :)
CL_F immediate reference is the the zones of 57.80-90 areas.
1. #crude key focus area is the zone of 57.80-90. will look for a test and hold here for a potential test back to 58.30 areas
2. weak for a hold below for a test back to 57.30 areas
NIFTY is at a crucial inflection point near 11160-180 tops. we hold below this region and go and test the 10900 areas and lower back again, Hold above we are back to try and a potential test of 11500 areas
This is the deepest correction so far in recent times. First one over 5% range. Most other cases markets had pulled back anywhere between the 38% to 100 % range.
the Zone marked in red ( 29900-30100) odd area is going to be the resistance area going forward. Swing wise any pullbacks can be shorted with stops above that range.
Had called out Gold as the asset class of the year at the start of 2019, and boy it has had a stellar run so far. Now right at the edge of a major area. a increase in risk aversion in equity markets can just help this blow right past this zone.
Banknifty closed below a crucial multi day reference, spot below the 30650 areas and Futures below 30900 .
a follow through or a hold is needed and we are likely to test the marked regions ( blue dashed ) in coming sessions.