[Premium] Three Charts For The Week Ahead
Last week we focused on Nifty 500 % of 21 Day High/Low, Nifty Auto and Copper (in rupees)
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 Crude Oil (in Rupees). The price has been hovering above the breakout level of 7,785 for quite some time now. But now we're seeing signs of the price moving below this level. Currently trading around 7,600, a sustained move here could take the price towards 5,600.
We're keeping an eye on this chart to see if Crude oil forms a base around these levels or just gives up on them entirely.
Click on the chart to zoom in.
2. The second chart we're looking at is Nifty FMCG. The index is making a new all-time high as we speak! The price is trading above its 2021 highs at the moment. Although we see new highs here, this is coming on the back of limited participation from within the sector. We haven't reached that point where a majority of FMCG stocks outperform the market at large. Only a sustainable trend here would lead to that at the stock level.
We are definitely watching this closely in order to see if this trend continues or fizzles out.
3. The third chart we're looking at is Nifty Private Bank. The price has managed to climb back up above the resistance zone of 17,900. As a result of this, the price is now trading above the 2020 highs. There's still a long way to go for this index to cover some ground, but this could be a beginning.
What's important to note is that the price will have to move past the 20,000 level to negate the current lower high lower low pattern. If and when that happens, that would be valuable information.
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, 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