Contains IO script
USDINR is ending a fifth wave in Ending DiagonalAfter a symmetrical triangle in wave 4, little did I think that wave 5 would end up being a multi month ED. I mean we have been trying to mark this 5th wave count for months and it just keeps extending. In the end we redraw the lines again and again. Today again we are at the top end of the range and if prices stop here we can complete wave e of 5 and form a top. The next few days will be interesting to interpret what is happening to USDINR.
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USOIL chart pattern for upcoming session's 15M TFA new support zone is created in USOIL for 15 min TF which is 72.000-71.800 and now its price fluctuating above support zone if we see good candlestick setup for uptrend then in the upcoming session's price should go to Resistance zone of 73.300-73.600 .
Gold Chart Pattern for upcoming trading session's 15Min TF Price of gold closed at 2736.450 in the last session and now we're waiting for it to open because 2730 to 2725 is the good support zone and price closed near this zone, if price gives positive sign of uptrend from there then we can go for 2755 to 2760 level easily in the upcoming session after that if it breaks the barrier of resistance zone then we can easily see the zone of 2790.
USOIL chart pattern for upcoming session's 15M TFUSOIL closed at 69.448 in the last session which is near to its support zone of 69.140 to 68.940 we've to watch for candlesticks patterns here because it price goes below support zone the we can easily see the 68.000 level of crude in the upcoming sessions but if price make upward momentum from here then we can get the price of 70.500-600 level in the next sessions of the oil and above it 71.300-400 is the next zone of resistance to go for.
MN HOLDINGS - Potential of making Bullish Symmetrical Triangle ?MN HOLDINGS - Current Price RM0.920
In long term the stock is still UPTREND as it is above 200-day EMA. In short and medium term, the stock is in sideway/consolidation.
The declined from 12 Aug 2024 (high RM1.12) to 29 Aug 2024 (low RM0.820) is due to weak market sentiment and profit taking activity. At current situation, the stock have a potential of making Bullish Symmetrical Triangle. If price made a breakout above the pattern, then it will trigger a buy signal (as it is viewed as Bullish Continuation Pattern). However, at this current moment there is no buy signal yet. As such, we may keep this stock in wacthlist.
For ICHIMOKU CHART traders, the price is trading within the CLOUD (indicates sideway) and the CHIKOU SPAN is still below CANDLESTICK and CLOUD (no bullish scenario yet). If the price make new high above the CLOUD or the CHIKOU SPAN crosses up above CANDLESTICK & CLOUD, then it is viewed as bullish scenario. At that moment, ICHIMOKU CHART traders may anticipate to buy at best entry price.
Notes : MN HOLDINGS is a good FUNDAMENTAL company and also a sub-con to TENAGA NASIONAL BHD. On 01 November 2024, HONG LEONG INVESTMENT BHD give a fundamental target price of RM1.60. However, as a CHARTIST/TECHNICIAN, we look for a buy signal based on Technical Analysis.
01Nov2024 - NIFTY - Predictions (Next Trading Day)1. Index Chart Details:
Index: Nifty 50 Index
Date: October 31, 2024
Time Frames:
1 Day (1D)
1 Week (1W)
1 Month (1M)
2. Support and Resistance Levels
From the detailed extracted information regarding the daily chart:
Support Levels:
24,000.00
23,750.00
23,500.00
Resistance Levels:
24,372.45
24,500.00
24,700.00
3. Market Scenario Prediction
Based on the patterns observed in the charts, here is a prediction for the market scenario for the next trading day:
Market Opening Flat to slight gap down Market is likely to open around 24,206.35
Market Trend Bullish initially , then range-bound Will start bullish but possibly level off
4. Options Strategies
Considering the analysis of the current trend, here are suggested strike prices for options trading:
Buy Call Options: Strike at 24,205, as it is near the current close and has a likelihood of moving upward.
Put Options : If the market starts to show weakness, watch for opportunities at 24,000 support.
5. Calendar Spread Strategy
5a. Calendar Spread Strikes:
Daily Chart: Buy Option at 24,205 (short-term move)
Weekly Chart: Buy Option at 24,205
Monthly Chart: Buy Option at 24,000 for a hedge
5b. Trends:
Daily Slightly Bearish
Weekly Neutral
Monthly Bullish
6. Trading Advice on ATM, ITM, or OTM Options
In terms of trading options based on market behavior:
ATM Trade During market opening, if bullish
ITM Don't Trade Unless closing near support level
OTM Better Not to Trade Expected to remain stagnant
Conclusion
This analysis provides specific insights based on the chart reading for the Nifty 50 Index.
Disclaimer: Do Manage your Risk and Money management, Do not Forget to PUT STOP LOSS.