get ready for some red candles guys
as we can see there are rejection trend lines above our price which is in the range 25000-25500 this is a range we may see a rejection and fall back to near support
but as we see this was an unexpected growth which I don't feel will last long it all started due to Ethereum news pulling the BTC with it
so soon we will beck to...
Since pandemic BANKNIFTY has rallied from 16100.00 to 41000.00 plus levels. A clear impulsive rally we have seen from low to high as mark in yellow as Wave 1 , Wave 2 and Wave 3 as a Major Wave cycle. Wave 3 (Yellow) of a Major Wave Cycle seen to be extended in 5 sub waves(marked in green as (1),(2),(3),(4),(5)) fallowing all the conditions of Elliot Wave. Since...
Crude import accounts for nearly 20% of India's import bill. day by day if crude prices goes up, we will see major impact on INR, inflation and profitability of many companies. so if you are currency trader trade carefully.
Interesting Price Action and charts pattern are being observed in USD/INR currency pairs.
1. The Cup and Handle Formation.
Cup formation can continue or Handle pattern can be formed and price can shoot up. As global situations are pacifying. We believe, rupee
should get bit stronger.
2. All time high Resistance
USDINR in an uptrend as visible in the weekly time frame.
RSI is also in an uptrend and 50 DMA is supporting the candles.
A long position can be created, for the target of 75.6500.
Buy USDINR Apr Fut and stay in the position till the trendline (black line) sustain.
As the currency pair has broken out there is a possibility of a rally.
We can enter at the point of retest with a SL below trendline and a target neat swing high for a RR of 2:1.
The price may rally or retest the trendline before rallying further.