[Premium] Three Charts For The Week Ahead

Last week we focused on ACWI, Nifty 50,

Let's move into this week's topics. We have big, important moves to track this week.

1. The first chart we're looking at is US Dollar Index ($DXY). In October dollar made a lower-high after four months of a positive closing streak.
In a scenario when DXY underperforms, emerging economies, stocks, commodities, and crypto will be favourable from a risk perspective. This development came at the key 161.8% Fibonacci level. A close below 108.5 will weaken the trend for it.

Click on the chart to zoom in.

2. The second chart we're looking at is the Nifty 50 Equal Weight index. It shows a more precise level of participation as it gives equal weightage to all Nifty 50 stocks. It made a new all-time high after breaking above the overhead supply from the 261.8% Fibonacci retracement level. This level has acted as resistance for the past three times. Sustenance above 20,300 would be bullish for the next leg of upside.

3. The third chart we're looking at is Nifty Metal. It's been a volatile year for Metals, with a drawdown of 35%. It had brief breakout below the decade-long support, near 5,600. Currently, it's back above the critical 161.8% Fibonacci level and year-long support. Nifty Metal trading above 5,970 would be bullish for the bulls.

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

Also, 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