Enrich Commodities India Pvt.Ltd
Published on 15/11/2017 11:42:56 AM

Crude Oil

Medium term analysis: Crude Oil 4hr technical chart has formed a “ascending broadening wedge” pattern. The chart clearly indicates the acquisition of bearish momentum over the market in the last few sessions which confirms that sellers have taken control as the interim line has broken out on the same. The market is expected to fall further on bearish trend and extend towards the support level near $54 for a retest.

Long term analysis: Crude Oil daily chart has formed a “Rising wedge” pattern. The previous session has been bearish and has broken the previous short-term support and thus confirms the sell signal in the market in upcoming sessions. The market could extend for a retest over the channel’s support line near 3550 in the upcoming weeks.

 

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Enrich Commodities India Pvt.Ltd
Published on 15/11/2017 11:42:26 AM

Gold

The technical chart of Gold 4 H market has formed a “Rectangle chart pattern” which shows a clear accommodation of both positive and negative momentum in the market in last few weeks. Market seems to be marking long corrections in sideways and the previous session has ended up bullish which means a correction is to be implemented on bearish momentum in the market in the upcoming sessions which could test $1276-1272(29490-29390) levels. Resistance holds at $1288(29790) and long-term support holds at $1269(29315).

 

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