Market analysis 02 August 2017

By | August 2, 2017

Crude oil analysis

Oil prices are trading at 48.85$ . It crashed yesterday from 50$ till 48.70$ after our sell signal initiated at 49.65$ for target of 49$ . We have US inventory today which will be deciding factor but before inventory chart would play its part . A good support on daily chart stands at 47.90$ . If traders take this base out and manage to sustain trade below our support today . Then expect more pressure in this major commodity upto 47$ – 46$ today .

A good resistance on daily chart stands at 50.20$ . If traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in this black gold upto 51.50$ – 52.90$ .

Crude oil analysis conclusion : Oil trend is weak for now before inventory .

DJIA ( Dow jones ) analysis

Dow jones trading at 22000 near lifetime high which it made this week only . Technically its still uncharted territory as we have only one day data around 22000 . But still a good support on chart stands at 21880 . If traders take this base out and manage to sustain trade below our support today . Then expect more pressure on DJIA upto 21750 – 21600 today .

A good resistance on daily chart stands at 22160 . If traders take this hurdle out and manage to sustain trade above our resistance today . Then expect more firepower in US30 index upto 22300 – 22470 .

DJI analysis conclusion : We have Non farm employment data today . This will decide the fate of entire market for upcoming days , for now market is flat .

More will update to our trading signals subscribers .