WTIC Crude is in a clear downtrend since the start of Oct 2018. November month alone it lost more than -21%. Currently crude is trading above the psyhogical support zone 50 which is expected to provide better support zone and short term buying is expected to happen in this zone as long as 50 is protected on the downside.
Nifty November futures post emotional buyers dominance took a 100 pointer on the downside. Trading sentiment turned down on the daily charts with immediate quick flip resistance comes around 10663-10674 band. Trading Focus remains down as long as the price is able to hold down below the immediate resistance band. Short term focus on the downside is towards the 10640 and 10580 reference levels.
Nifty Futures trading in 10600 – 10900 range and this range is getting even tighter possibly 10700 – 10900 in the near term as the call/put writers are writing at tightly packed zones. When Comes to Nifty Futures Index short stops are hunted in a phase manner. And more short term stop clusters are in the zone from 10790 – 10850 levels. Short term sentiment maintains positive for last 5 trading sessions.
USDJPY tested April 2017 low on fears that Pyongyang (North Korea) would launch another missile test over the weekend, which had added to last Friday’s USDJPY selloff. Last friday Yen had made a low around 107.32 followed by a strong pullback on monday leaving a strong tail on the bar chart again. Its the second time the pattern is repeating on north korea fears with a short term trade setup.
EURUSD is consolidating on the monthly and Weekly timeframe and negative sentiment prevail there. However on the Daily charts trading sentiment turned positive. Since the start of FEB 2017 EURUSD is in declining mode and so far twice EURUSD rallied from the intermediate lows formed around 1.0500 levels. It could act as a potential support zone in the upcoming day.