Crude oil

Crude oil tested 55$ last week in a spike but could not sustain and reverted back . Its facing a confusion what to do . Its been approx 10 – 12 days its moving in a narrow range of 5-6$ . This week we have a good resistance at 56.20$ . If traders break this major resistance and manage to close above this hurdle . Then expect crude oil prices to test upto 59.20$ – 61.70$ this week .

A good support on oil weekly chart stands at 51.70$ . If traders break this major base level and manage to close beneath our support this week . Then expect crude oil price to test upto 49.20$ – 47$ this week .

Weekly Crude oil conclusion : No major trend for upcoming week . So just follow levels . Will try to update levels on twitter during trading hours .

Dow jones

Dow jones gained approx 1000 points since December . This friday it tested another lifetime high of 20000 . If we look at the chart it has fired approx 2000 points since November without any correction . Its trading in uncharted territory so stay cautious . However a small resistance on weekly chart stands at 20220 . If traders take this hurdle out and manage to close above our resistance this week . Then expect dow jones to fire upto 200-300 points .

A good support on weekly chart stands at 19650 . If Dow jones break this major base level and manage to close beneath our support this week . Then expect some correction upto 19300 – 19010 this week .

Weekly Dow jones conclusion : Trend is surely in favor of bulls . But no buy at all on these levels .

More will update soon .

By marafat