Over the past 3 days when stocks have been beaten down across the globe, crude has done very well to hold on to it's trendline support of the P'nF charts.
Take a look..
I consider crude to be an important market measure. Quite simply, stocks will not move lower if crude is stable or exploding higher.
On watch for the next week along with the this technical level on crude would be stocks in the energy patch like Reliance, ONGC, Cairn etc.
They are compelling buys with risk easier to manage.
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3 comments:
The close on friday formed a bullish engulfing channel, which promises upside earlier in the week for the Nifty.
You are right about the BE candle.
Energy patch did well today.
Crude has held the 71 level.
Today is called Mutual Fund Monday in the US, So we may see euities rip higher today in the US market.
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