TradingCraftsman

TradingCraftsman

Crude oil inventory data was released on Aug 8th, with expected storage of 0.567M barrels. Actual storage reported was 5.951M barrels, indicating an oversupply compared to expectations. The disparity between expected and actual storage suggests potential market shifts. Supply and Demand Impact: The surplus in crude oil supply suggests weaker demand or...

TradingCraftsman Updated 

Crude oil appears to be bearish in the near future. This conclusion can be drawn from various data points, which we will examine sequentially: Chart Patterns: Upon examining the continuous contract chart pattern for crude oil futures in the daily timeframe, we notice that the price has reached resistance, as depicted in the accompanying image. Furthermore, the...

TradingCraftsman

Based on the analysis of the natural gas inventory data and other indicators: Inventory Data: The actual inventory is less than the forecasted, indicating that the supply is less, and the demand for natural gas is high. Price Action : The price action appears to be bullish. Price Level : However, to confirm the bullish trend, natural gas needs to cross above...

TradingCraftsman

As per the Chart the BNF trying to hold the bullish position, we can turn bearish if BNF breaks the 38250 levels as per the Fibonacci 0,38 level is around 38250. also the banks posted the good results both private banks as well as the PSU banks like SBI and Canara bank posted very good levels so that should support BNF to take support till 38300 to 3250 levels.

TradingCraftsman

Bank Nifty looking bullish in near future in hourly timeframe, also closed above the resistance 38816, yesterdays low (on budget day) despite of the volatility it took support at 0.38 Fibonacci level drawn from recent swing low. Post Budget 2022 HDFC Bank the majority weightage stock of Bank Nifty has rallied more than 2% and other Private Banks like ICICI and...

TradingCraftsman

Bank nifty has bounce back from recent low from December 20th 2021 which can be confirmed as per the Fibonacci retracement 30 % rejection. next important Resistance for Bank nifty is 38446. and also the Bank nifty index heavy weight stocks like HDFC and ICICI are up on 22 Jan 2022. SBI also being higher side give bit more strength to the index at this point.

TradingCraftsman

Nifty Auto is facing resistance in daily as well as weekly time frame, also it formed a double top pattern in the daily time frame considering other parameters like chip shortage and thus a great fall in auto sector heavy weight like Maruti and Tata Motors etc, so the bearishness might continue further after considering all these parameters.