[Premium] Three Charts For The Week Ahead

Last week we focused on TASI, Mid-Cap 100 & Nifty Metal.

Let's move into this week's topics.

1.  The first chart we're looking at is CAC 40. The index seems to be moving towards a long-term resistance at 6,400. Although the momentum is strong, we're keeping track of the levels here to see if we witness another big base breakout or see some sideways action.

Regardless, this particular index has been making new long-term highs for over a month now, with every weekly close.

We are bullish above level of 6,400 with a target near 6,950.

Click on chart to enlarge view.

2. The second chart we're looking at is Copper. The Base Metals have been active for some time now. In addition to clocking new all-time highs, Copper has also moved past an important level of 750.

The indicator has been comfortably placed in the bullish momentum territory and with the move we witnessed over the past week, it looks like the next rally is upon us.

We are bullish above the risk management level of 750 with a target near 1,040.

3. The third chart we're looking at is the Nifty Pharma index. This particular sectoral index has moved out of a six-year big base and has closed above its long-term resistance of 13,500. With this move, the index seems ready for a rally towards the level of 18,000. This could lead to the next big move in pharma and we're definitely keeping an eye on this sector!

The index is bullish above the level of 13,500 with a target near 18,000.

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