[Premium] Three Charts For The Week Ahead

Last week we focused on S&P 500, Nifty Metal, and Nifty Financial Services relative to Nifty 100 .

Let's move into this week's topics.

1.  The first chart we're looking at is Crude Oil. The price has closed at 4,721, while also moving past its resistance at 4,600. What stands in the way at the moment is the downward sloping trendline that has acted as a barrier since the 2013 highs. What works in favour of the commodity this time around is the strong bullish momentum that can be seen in the indicator.

A breakout above the level of 4,600 could take the price further towards 5,670.

Click on chart to enlarge view.

2. The second chart we're looking at is FTSE 100. UK has been attempting to break out above its resistance at 6,930 and looks like we may see a follow-through this time around. While we've seen participation from CAC40 and DAX, FTSE 100 has now joined the 'new 52-week high' club.

We are bullish above the level of 6,930 with a target near 7,900.

3. The third chart we're looking at is the GBPINR currency pair. The price is back at its overhead resistance at 104 and it will be interesting to see if the price manages to break out or roll over as it did on the past four occassions. While two weeks back Rupee commanded a strong position against its currency pairs, the story seems to have taken an instant u-turn with the other currencies catching a bid.

A breakout above 104 would be a big base breakout of 7 years. The next target in that scenario would be 106, with a risk management level of 104.

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