89 EMA Band is plotted using the high and low of the 89 EMA. It is also called as Magic Band. Price above the band would be considered an uptrend and vice versa. Most of the times it would act as Resistance or support. It can be used as a reference but not for decision making. If you find price reverse from the band, correlate with other indicators to identify the targets.
TATA STEEL: The stock made an breakout attempt on 4th November but didn’t quite make it. The prices retraced into the cloud only to take support at the Span B plus TS line. The RSI is well into the bullish range and MACD is forming a bullish hook pattern. At 440 a strong resistance is placed. An attempt to test 440 levels can be made by the stock. Activity at...
One of the most reliable coin is Litecoin (LTC).
Here is what I see in the chart.
1. Held above 7 (Yellow) and 200 (Red) Weekly MA
2. Weekly Trend Line (Blue) Breakout
!. Price must not fall below 200 Weekly MA
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On HDFC Chart 4th Nov. '19 Bar has closed above the cloud and today i.e. 6th Nov. the Chikou Span indicator is also showing above the cloud. It signals a very good setup to go LONG. There has also been an unwinding of CALL Open Interest at different strike prices. Its a good sign.
SHORT-TERM TRADE IN BANKNIFTY
INDEX IS HOLDING ITS 21-BAR EMA ON HOURLY CHART
THIS SHOWS STRENGTH IN UP-TREND
TRADE IN BANKNIFTY 28TH FUTURE CONTRACT
LEVELS ARE ACCORDING TO SPOTS PLEASE ADJUST FOR FUTURES
TRADE IN OPTIONS
30500 14TH NOV CONTRACT CALL OPTION
Giving a look at the Nifty weekly chart. The index is moving into gap zone plus RSI is near 60 levels. Though the daily charts don’t display any caution yet, but 60 levels on weekly’s are pressure points. The week is still on, so the analysis will make sense only after the weekly close by Friday. But the exuberance is building up, emotion outburst are generally...