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GBPUSD

GBPUSD consolidates gains within 10-week-old uptrendGBPUSD keeps bounces off 200-SMA while picking up the bids near 1.3540 during early Tuesday. The cable dropped to a two-week low before recovering from the key SMA. Not only the quote’s ability to take a U-turn from important technical support but an upward trajectory portrayed by an ascending trend line since November 02 also favor GBPUSD buyers. Hence, a one-week-old falling resistance line, at 1.3605 now, offered an immediate upside hurdle to the sterling buyers ahead of directing them to the multi-month high, flashed earlier in January, around 1.3700. It becomes needless to mention that the March 2018 low near 1.3715 adds to the upside filters. On the flip side, a clear break below the 200-SMA level of 1.3450 will direct GBPUSD sellers towards the stated medium-term support stretched from early-November, currently around 1.3320. In a case where the UK’s covid woes propel the global rush for risk-safety and favor the US dollar rally, taking the quote below the 1.3300 threshold, the pair might not hesitate to question December lows surrounding 1.3130.
Long
by MTradingGlobal
#BPCL #HINDPETRO #IOC #OIL #ONGC #PETRONET #PETROL #BITCOIN #NSE#BPCL Bharat Petroleum Corporation Limited. CMP: 399 TARGET: 436 // 478 G-O-I undertaken stock is in limelight, BPCL. As the state run petroleum company plans for divestment, there is going to be a lot of opportunities for retail investors and traders. Govt. plans to sell off almost 53% stake from the company and it receives MULTIPLE bids. Stock is expected to have a strong valuation and would be expensive from the current rates. There are various reasons to invest in this stock. 1. Trend Analysis: The stocks is in pace to reach highs. Running in uptrend, climbing ladders, step-by-step. Steadier and stronger with each end of the day prices. 2. Fibonacci Retracement: Retracing from 50% levels to make higher highs. Supports acting strong and giving a better push upside again and again. 3. Moving Averages: All the moving averages running alongside. All the bigger moving averages below the prices gives the candle more strength to be firm and erect. Bears fears. Prices fear to fall. 4. Pattern: Prices are making higher lows to show the pictorial representation of price trend. Making a Bullish Wedge kind of pattern with periodic time span. 5. Volume: Extremely large volume trading has been encountered in the stock. The huge Volume is representation of higher investors' money flowing in towards the stock. The huge Volume candles along with huge BULLISH Price Candles represent the strength of BULLS. 6. Momentum: The stock being in news, a large number of traders rush towards it and make various analysis to get the intrinsic value. The higher the bidding value, the higher is the price. The bids create excess of demand for the stock and thus price moves upside. The stock has just got the momentum. A rally is expected soon. 7. Strong Bull and Weak Bear: The Bullish candles are mightier and look like "katana". Big Bull candles show the presence of demand over and above supply, and thus a potential for upside. On the contrary, the bear candles are small and of less volume. Explaining the distribution and consolidation of previously purchased shares. Go ahead with the stock, with a limited down side risk. SL: 385 RR Ratio: 1:2 // 1:5 If you like my work, kindly LIKE the post, SHARE it with your friends and family, and FOLLOW the page to get free stock recommendations frequently. Thankyou!
NSE:BPCLLong
by Rachit_Sethia
GBPUSD bulls eye another confrontation with 1.3618/24 hurdle Despite recently easing from 1.3575, GBPUSD stays above a one-week-old ascending trend line amid bullish MACD. On the fundamental side, the passage of the Brexit deal and US coronavirus (COVID-19) stimulus also favor the Cable buyers. Though, a downward sloping trend line from December 17, currently around 1.3620, becomes necessary for the GBPUSD bulls to keep the reins. Following that, September 2017 peak close to 1.3660 and March 2018 low near 1.3710 will be in the spotlight. If consolidation moves break the immediate support line, at 1.3555, 200-SMA near 1.3350 and the monthly bottom close to 1.3190/85 could lure the GBPUSD sellers. However, the December 21 top around 1.3500 and last Tuesday’s low of 1.3303 can offer intermediate halts during the downside. To sum it all, GBPUSD may witness pullback in the short-term but the overall outlook remains bullish.
Long
by MTradingGlobal