[Premium] Three Charts For The Week Ahead

Last week we focused on DAX, CAC40 & Nikkei225.

Let's move into this week's topics.

1.  The first chart we're looking at is Nifty 50. The index has been a little volatile off-late and we thought this would be a good opportunity to keep track of important levels as the market progresses. For almost two months now we've seen Nifty50 consolidate between the levels of 15,400 & 14,460. While these levels have been respected so far, only a breakout out of this sideways move will decide the direction of the market.

The important level of support to track here is 14,460. This has been holding its ground for a while now, and a breach of this level could lead to an interim correction that could take the price further down towards 13,650. A breakout above 15,400 on the other hand could take the price higher towards 16,450.

Click on chart to enlarge view.

2. The second chart we're looking at is Euro Stoxx 50. The price is taking a go at the long-term resistance of 3,825 which has been in play for almost 18 years! As the price moves towards this crucial level, we're watching to see if the breakout will be successful. The next level to track in that scenario would be 4,500. A breakout here would also have a positive impact on other global indices.

3. The third chart we're looking at is Gold. Although the yellow metal has been under pressure for several months now, we're tracking certain levels to see what the future course of action could be. In the week gone by, Gold took support from 44,550 level and managed to hold-off a further slide in price. We're keeping an eye on this to see if we can get any form of a bounce-back or a sideways move from here.

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