COMMOTRENDZ

GOLD outlook gone against my view. I am out of shorts. Will update once fresh view generated. I will look for price 2 daily close below 1870 for now to see confirmation in bearish outlook. cmp $1934

Crude Oil outlook : Crude looks bearish on weekly chart @ current price cmp $ 89.95. It has given 3 weekly close below 92 zone which was crucial level on weekly time frame. its 50 sma zone. Now I am looking for tgt of $ 68.50- $ 62.50 in next 4 - 7 months time frame. Any longs should be protected with STRICT SL for safe trade. Upside is capped @ 110-115 zone. entry add on zone for shorts. Charts attached of weekly and monthly time frame for reference.

Nifty CMP 17291 Date 15.12.2021 If able to hold zone of 17150-17130 for next 2 session can see again bounce back up to 17670-17720 zone. if shorts need to watch support zone. else can see counter move in the counter. Zone 17150-17130 is 61.8% of whole down move recent one to recent up moves i.e Nifty 16850 to 17688 zone. so far low seen 17217. As we are nearing end of wave 4 on 1 hr time frame. Although larger time frame weakness is there but on lower time frame bounce back expected. Hence caution suggested in shorts if any needed to be protected with STRICT SL for safe trade.


Paresh M Shah