[Premium] Three Charts For The Week Ahead

Last week we focused on EUR/INR, Lead and Nifty Small-Cap 100.

Let's move into this week's topics.

1.  The first chart we're looking at is TASI, which is the index of Saudi Arabia. This market comes under the emerging market umbrella and has closed the last week at a five-year high, attempting to break out of a much bigger 12-year base! The new high in this index suggests that the momentum in the market is still strong and continues to pop up in different charts.

We would like to keep an eye on this one as emerging markets such as South Africa and Saud Arabia have been claiming new highs every week.

We are bullish above level of 10,000 with a target near 11,600.

Click on chart to enlarge view.

2. The second chart we're looking at is the monthly chart of Nifty Mid-Cap 100. What jumps right off this chart is the 11-month rally in the Mid-caps segment where we've seen higher highs and higher lows for 11-straight months! As the index continues to trade close to all-time highs, the momentum has slowed down a little, but still seems strong.

We've been overweight mid- and small-caps and that seems to be generating good returns.

We are bullish above the risk management level of 20,750 with a target near 31,780.

3. The third chart we're looking at is the Nifty Metal index. Monthly charts help us zoom out and take an unbiased look at the market. What this particular index is telling us is that the strength and momentum are both in favor of Metal with the strong bullish candlestick breakout that we witnessed in April.

The index is bullish above the level of 4,450 with a target near 5,500.

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