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USDCAD bears brace for mid-1.3200s with eyes on BOC’s MacklemUSDCAD remains depressed at the lowest levels in six weeks after breaking the 100-DMA as broad US Dollar weakness joins firmer oil prices. Even so, the bears are waiting for the Bank of Canada (BOC) Governor Tiff Macklem’s speech for further directions. That said, the 50% Fibonacci retracement level of June-October upside, near 1.3250, appears the immediate support ahead of an upward-sloping support line from June 2022, close to the 1.3200 round figure. Should the Loonie pair drops below 1.3200, the 200-DMA support level of 1.3150 could act as the last defense of the pair buyers. On the contrary, the 100-DMA hurdle surrounding 1.3480 challenges the short-term recovery moves of the USDCAD pair. Following that, a run-up towards the previous monthly peak of around 1.3700 can’t be ruled out. It’s worth noting, however, that multiple resistances around 1.3800 and 1.3850 could challenge the pair buyers past 1.3700, a break of which could propel prices towards the year 2022 top of 1.3977. Overall, USDCAD is well-set on the bear’s radar despite the latest hesitance in refreshing the multi-day low.
by MTradingGlobal
Simple Trade Setup | DRREDDY | 26-10-2021 [ INTRADAY]NSE:DRREDDY Observations: 1) On 1 Day time frame, After Friday's doji candle/spinning top candle, today it made hammer pattern. Also it has been taking support and closing above 400DMA which is very very major support for any stock. Only negative thing is that volume was lower than Friday. Please refer below chart : 1day Time Frame. Immediate resistance is at 4700 level ------------------------------------- All the levels and most of the trade setup still remains the same as per previous. Trade Setup for Date 26-10-2021: 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level. 4) Avoid gap up or gap down chase. Wait and trade between levels. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion. Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
NSE:DRREDDY
by Trading_hawk
Is there a bearish case for Nifty?Looking at the above Daily chart of the Nifty 50 index, it is clearly observable that the index is in an uptrend. Not just that, the 50DMA (red) is above the 100DMA (purple) which is above the 200DMA (green), indicating strong bullish trend in place. Since Mar 2020, at four different instances (as highlighted in the chart), the index has taken support at one or more of these moving averages, bounced back and resumed its uptrend. The last such instance happened on 26 Feb when Nifty bounced off the 50DMA toward its ATH of 15431, which also happens to be very close to the 1.618 Fibonacci level of 15479. If the index crosses this level of 15479, we will see momentum buying resuming and uptrend continuing toward 16000, even 20000 won't be impossible to reach. On the bearish side, there is no bearish case till Nifty closes below 50DMA and below 100DMA. If 100DMA is breached, 200DMA will probably be touched very soon and we can see 12000 odd levels on the index, which also coincide with the pre-Covid Jan'20 high of 12430. Until Nifty closes below 100DMA of 13700 zone, we don't see any bearish case for Nifty. There may be another buy on dips opportunity around 14700 and before the index resumes its next leg higher.
NSE:NIFTYLong
by vipulmehta817
!!CANARA BANK ON THE WATCH!!TECHNO WATCH CANARA BANK IS LOOKING GOOD FOR A POSITIONAL TRADE AS RSI HAS REVERSED FROM OVERSOLD ZONES WITH STRONG FORCE AND MACD IS ON THE VERGE OF A POSITIVE CROSSOVER RESISTANCE IS NEAR 210-214 WERE ONCE TAKEN OUT WILL LEAD TO RE-ENTRY INTO THE CONSOLIDATION ZONE OF 213-293 SO GOOD POTENTIAL RETURNS AHEAD !!WATCH OUT!! !!FOR TRADE CALL!! !!PLEASE NOTE TRADE WITH CAUTION AND AT YOUR OWN RISK PROFILE!! !!PLEASE DON'T OVER TRADE!! !!LIVE TO FIGHT ANOTHER DAY!! !!HAPPY TRADING!!
NSE:CANBKEducation
by manavtechresearch
NIFTY INDEX VIEW FOR THE MONTHNOTE:- Traders,viewers and other analyst are free to express their opinion and suggestions regarding this article. View on the Index NIfty has formed an sysmmetrical triangle on a daily chart and it is confirmed!!. So a break above 10930 on closing basis shall confirm the uptrend towards 11080. If i am wrong then we shall use the upward sloping trendline as to exit the trade. Reasons for a upside breakout Note that i had given a long trade on banknifty on thursday on the basis of crucial support nearing and the "GOLDEN CROSS". 10700 nifty put option has seen great amount of put writing and call unwinding. Although 10800 call option has seen some writing but the initial opening of the index above 10830 shall spook them. That will be confirmed once market sustains above 10774-10830 for inital hour that will lead to some serious short covering. If you notice the small picture you can see a clear trend emerging for e.g the 20-dma is about to cross the 200-dma but the bigger picture is where the 50-dma is evenutally rising and will finally cross the 200-dma in fews days time(15-20 days period) giving as a "Golden Cross". Shorts might get trap,Symmetrical triangle breakout can be expected on the upside and moving averages showing us a picture. PLEASE NOTE "I MIGHT BE WRONG TRADE WITH YOUR OWN DISCRETION WITH STRICT STOPLOSSES"
NSE:NIFTYEducation
by manavtechresearch
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