[Premium] Three Charts For The Week Ahead

Last week we focused on Nifty Private Bank, Nifty PSU Bank & Nifty Infrastructure.

Let's move into this week's topics.

1.  The first chart we're looking at is the Shanghai Composite. We discussed China breaking out of consolidation at the beginning of January. What we're looking at now is another level coming into play. China is trading at five-year highs and a breach of 3,710 would be a big base breakout! The next level to track in that case will be 4000. We're keeping a close eye on this one.

Click on chart to enlarge view.

2. The second chart we're tracking this week is USDINR. We mentioned how this currency pair was playing with its support zone at 72.90, and we witnessed a break-down in the week gone by. With the Dollar weakening against the Rupee, the next crucial level to track will be 72.20. We're keeping an eye on this one to see if this correction goes beyond levels of 72.20.

3. The third chart we're looking at is Nickel. We did witness a breakout on the daily chart but the weekly closing pared the gains made during the week. It will be interesting to see if the momentum that was building last week carries forward this week and if we will witness a breakout after all.

This is a big base that has been in place for a long time, so if the price does manage to hold up above 1,320, we might see a ripper in this one towards 1,650!

In our view, these charts will help set the tone for this week and provide us information on how we should approach the market in the coming weeks.

Also, make sure to check out our other weekly post, "Trade Of The Week."

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team