NIFTY --DOUBLE BOTTOM--NEXT WEEK TREND --16/05/2022NIFTY --DAILY CHART--DOUBLE BOTTOM --NEXT WEEK TREND --16/05/2022 to 20/05/2022
1. NIFTY seen Double bottom formation on daily chart at oversold level around 15750-15770 sub level , this is same bottom where earlier nifty rally from extreme oversold .
2. short term bounce is possible from current level around 400-500 points at resistance 16400-16500 level
3. nifty overall chart is still sell on rise but since double bottom at oversold level there is more chance bounce from this level kind of relief rally ahead
4. for confirmation we want next candle to form as doji or bullish Green with no pin bar downside, then this trend will confirm it means next candle should not red one
5. if next candle red with pin bar downside then this double bottom will be not carried trend up .
** THIS IDEA IS FOR EDUCATIONAL PURPOSE ..
HAPPY TRADING. !!
A-trend
USDCAD remains vulnerable to more downside ahead of Canada CPINot only a downside break of the monthly bullish channel but sustained trading beneath the 100-SMA also keeps USDCAD sellers hopeful ahead of Canada’s Consumer Price Index (CPI) data on Wednesday. Adding strength to the bearish bias is the downward sloping RSI (14) since the last week. That said, the 1.2800 appears immediate support for the quote ahead of directing it towards the 200-SMA level surrounding 1.2720. Any further downside, however, hinges on the pair’s ability to conquer the 1.2660-65 horizontal area comprising the 61.8% Fibonacci retracement level of April-May upside, as well as mid-April tops.
Meanwhile, the 100-SMA level near 1.2875 limits the USDCAD pair’s immediate recovery moves before highlighting the lower line of the aforementioned channel, previous support around 1.2930. In a case where the pair rises past 1.2930, the weekly high of 1.2981 and the 1.3000 psychological magnet could test the buyers prior to highlighting the north-run towards the monthly peak close to 1.3075.
Overall, USDCAD has already flashed bearish confirmation on the chart but today’s data also needs to back the move.
BankNifty Intraday Trade Setup for 17th May 22The market is likely to go sideways in the First half today, Not Expecting any Big moves
The Red Zone is the supply Zone and the Green Zone is the Demand Zone, I plan to buy in the Demand Zone (But not sure), so be active on this post to see my live positions and Trades
Do Support by Liking and Commenting on our Post as it motivates us to post more such ideas
The chart is for study purposes only!!
NSE:BANKNIFTY NSE:BANKNIFTY1!
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NEGATIVE DIVERGENCE ON MONTHLY T/F.This has to happen because of the negative divergence over RSI on monthly time frame. Now, there could be two scenarios once it reaches its support, which you can clearly articulate from the chart itself. But according to various reports on commodities cycle, it's just getting started, so there are high chances it will bounce from its previous demand zone.
Gold bears need validation from $1,835 to take controlGold’s failure to rebound from $1,850 joins bearish MACD signals to keep sellers hopeful as markets await the key US inflation numbers. However, a convergence of an ascending support line from August 2021 and 200-DMA appears a tough nut to crack for bearish as RSI nears the oversold territory. It should be noted, however, that a clear downside past $1,835 will make the metal vulnerable to drop towards the yearly low surrounding $1,780. During the fall, the $1,800 threshold may act as an intermediate halt.
On the contrary, recovery moves may again aim to cross an 11-week-long horizontal hurdle of around $1,890. Following that, the 38.2% Fibonacci retracement (Fibo.) of August 2021 to March 2022 upside, near $1,916, will be on the gold bull’s radar. In a case where gold prices remain solid past $1,916, an upward trajectory towards $1,980 can’t be ruled out.
Overall, gold approaches crucial support ahead of the all-important US CPI and a strong reading will suggest escalating price pressure, which in turn could solidify the USD while likely negatively affecting the quote.