Technical Analysis of Indian Equities by Nooresh

Brent Crude hits 97-98. Good For Nifty ?

Its been a long time since i have covered commodities on the blog. Last we had called a top in brent crude way back in 2012 and also had picked it precisely way back in 2008.

 

Currently we are seeing a big triangle breakdown on Brent Crude

 

Brent Crude

 

On the downside 96-97 and 90 remain supports but it would be tough for crude to scale above 104-106. This augurs well for Indian Markets fundamentally in the sense we are not seeing a big spike in crude so better inflation, lower oil prices and bla bla.

 

But if we try to plot a chart of Nifty and Brent its very tough to point a direct co relation in prices.

 

Below is the chart. Do post your comments.

 

 

Nifty Crude

 

Cant see a co – relation ? do you ?

Article by Nooresh Merani

Nooresh has written 2731 articles.

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