Market analysis 08 august 2017

By | August 8, 2017

Crude oil analysis

US crude oil prices trading at 49.45$ . Its trading flat since yesterday after made low near 48.60$ . A good support on daily chart stands at 48.90$ . If traders take this base out and manage to sustain trade below our suppor ttoday . Then expect more pressure in this major commodity upto 48.30$ – 47.60$ today .

A good resistance on daily chart stands at 50.05$ . If traders take this hurdle out and manage to sustain trade above our resistance today . Then expect some good recovery in this black gold upto 50.70$ – 51.40$ today .

Crude oil analysis conclusion : Oil looking flat to positive for now .

Wallstreet analysis

DJIA trading at 22100 . Its trading near lifetime high once again which is uncharted territory . A good base for today stands at 21980 . If traders take this base out and manage to sustain trade below our support today . Then expect Dow jones to correct upto 21850 – 21700 .

A good hurdle stands at 22220 . If traders take this hurdle out and manage to sustain trade above this resistance . Then expect wallstreet to test more highs upto 22350 – 22470 .

Wallstreet analysis conclusion : Its flirting with lifetime high . Avoid any major buying .

More will update to our trading signals subscribers .