We have seen an unexpected fall in crude oil and it has shown
15-20% moments in a day. Many things have impacted on it like CORONA, US-China
trade war, low demand, etc. However, crude has shown good buying on every fall.
In this volatile and worst financial market, we are seeing good strength in
Gold, Silver, and Dollar. Let's see the analysis in brief.
Crude Daily Chart: On this Thursday, crude oil has given confirmation of inverted head & shoulder and closed above the neckline. When shoulder 1 has completed that time 20 DMA was the upper wall and while shoulder 2 completion 50 DMA was there. On 1st May crude has given break out to 20 DMA and shown good rally till 50 DMA. Later on, it was in a consolidated zone for 5 trading sessions and then crossed neckline as well as 50 DMA on the same day. The next day opened the gap up and closed at day high.
The next resistance is 500 points far from CMP i.e. 2750 and supports are around 1950/1800. We are expecting a good rally in Crude Oil.
Gold Daily Chart: Last time we have found breakout to Cup & Handle and new lifetime high. After that high gold has traded in sideways zone for one month and finally again made a new lifetime high i.e. 47462. The current closing is exactly near resistance but it is looking like ready to touch 50k. As per the 20, 50, & 200 DMA trend is strongly bullish.
Silver Daily Chart: Silver has given breakout to the
previous top plus its 200 DMA. Also in last week, 20 DMA has crossed to its 50
DMA and it is a good short term bullish signal. Now the next resistance is 48900
and RSI is overbought so we will wait for a dip to buy it again. The support is
around 44600, wait patiently.
----------------------------------------------------------------------------------------------- Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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Crude Daily Chart: On this Thursday, crude oil has given confirmation of inverted head & shoulder and closed above the neckline. When shoulder 1 has completed that time 20 DMA was the upper wall and while shoulder 2 completion 50 DMA was there. On 1st May crude has given break out to 20 DMA and shown good rally till 50 DMA. Later on, it was in a consolidated zone for 5 trading sessions and then crossed neckline as well as 50 DMA on the same day. The next day opened the gap up and closed at day high.
The next resistance is 500 points far from CMP i.e. 2750 and supports are around 1950/1800. We are expecting a good rally in Crude Oil.
Gold Daily Chart: Last time we have found breakout to Cup & Handle and new lifetime high. After that high gold has traded in sideways zone for one month and finally again made a new lifetime high i.e. 47462. The current closing is exactly near resistance but it is looking like ready to touch 50k. As per the 20, 50, & 200 DMA trend is strongly bullish.
Trade cautiously and invest patiently!
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----------------------------------------------------------------------------------------------- Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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