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USDJPY confirms inverse head & shoulders during four-day uptrendUSDJPY rises to the highest level in a week while crossing a downward-sloping resistance line from late April, now immediate support near 156.10, amid a four-day winning streak early Tuesday. In doing so, the Yen pair confirms an inverse head and shoulders bullish chart pattern by extending the previous week’s rebound from the 200-SMA. It’s worth noting that the bullish MACD signals and an upward-sloping RSI (14) line, not overbought, also keep the pair buyers hopeful. With this, the quote approaches the mid-month peak surrounding 156.80 before challenging the monthly high of around 158.00. Following that, the 160.00 threshold, the yearly high of 160.20 and the year 1990 top of 160.40 can test the bulls during their run-up toward the theoretical target of the aforementioned inverse head and shoulders bullish formation, namely 162.50. Meanwhile, the USDJPY pair’s retreat remains elusive unless breaking the neckline of the stated bullish chart formation, close to 156.10. In a case where the Yen pair drops beneath the 156.10 resistance-turned-support, it will defy the inverse head and shoulders and can quickly revisit the 200-SMA support of near 154.60. It should be observed, however, that the bullish bias remains intact as far as the pair stays beyond a two-month-old ascending support line, near 152.45 as we write. Overall, the USDJPY pair braces for a fresh record high while confirming a bullish chart formation. Any pullback, backed by the downbeat US data and softer yields, remains unimportant until the pair exceeds 152.45.
by MTradingGlobal
TREND CHANGED IN NMDC - FROM BUYING ON DIPS TO SELL ON RISE ?NMDC is engaged in exploration and production of Iron Ore along with Diamond, production and sale of Sponge Iron and generation and sale of Wind Power. This PSU stock has given great returns to investors as well as traders in last one year. Although there exists so many positive talks about NMDC's volume growth, sales growth & capacity enhancement etc. which are fundamentally good but I think trend is changed in NMDC. This stock was buy on dips since May-June 2023 but right now as per technical chart & price action, I think trend is changed from buy on dips to sell on rise. I will find opportunity to sell it on each rise until it breaks 235-240 level. So, Is it still buy on dips or has become sell on rise? Only time will tell! P.S. : This stock is on my main watchlist for a short trade.
NSE:NMDCShort
by akshit_official
4
Asian Paint - Rounding Bottom PatternAsian Paint is about to complete the formation of Rounding Bottom. Rounding Bottom pattern will activate only after the breakout of the Neckline - 3040 level Rounding bottom chart pattern is a bullish reversal pattern which is formed at prior intermediate support level and hold this level from 2021. Long trade will initiate only after the neckline breakout. Stop Loss would be the prior swing low before breakout. First target would be the depth of the bottom pattern, Calculate depth and add the depth from the neckline level
NSE:ASIANPAINTLong
by Arvind_Share_Academy
Hindustan Aeronautics Limited (HAL) - Break Out OpportunityDate : 23-Aug-2023 Rating : Buy LTP : Rs. 4031.10 Target : Rs. 4800 Exit Plan : Follow the 7/13/26 DEMA cross down on closing basis. NSE:HAL has given a break out from an Ascending Triangle that has been created since last few sessions. With this it has also break out from it's last known resistance. 7/13/26 DEMA crossover, MACD crossover and RSI above 0 supporting further upward journey and possibility of achieving new highs. Disclaimer : I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
NSE:HALLong
by vicky252
8
Mphasis Forms Head and Shoulders Pattern: Time to Take NoticeThe stock, Mphasis has recently developed a Head & Shoulders pattern, signaling a potential trend reversal. Traders should exercise caution and consider implementing proper risk management strategies. On the chart, clear indications for stop-loss and two target levels have been outlined. Please note that this information is not financial advice but a market observation. Always trade responsibly and make decisions based on your analysis and risk tolerance."
NSE:MPHASISShort
by iamrk7
ITC Ltd. - Double Break Out TradeDate : 11-Oct-2023 Rating : Buy LTP : Rs. 448.25 Target: (1) Rs. 455, --> (2) Rs. 480, --> (3) Rs. 500 SL : Rs. 433 Exit Plan : Follow the 7D/13D EMA cross down on closing basis. NSE:ITC has given double break outs. From its current short term down trend and from double bottom pattern. Have closed above 20D MA. EMA, MACD and RSI giving bullish sign with RSI giving positive divergence. Disclaimer : I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
NSE:ITCLong
by vicky252
6