Both the indices are at resistance. Red, yellow and green are M, W & daily supply/demand zones....A MAjor move is due in USA markets.
Simple Support and Resistance levels are the way I trade the price action...No indicators.
CHECK THE ANALYSES SHARED ON TRADING VIEW AND SEE HOW THE ANALYSES WERE DONE WHICH GAVE HANDSOME RETURN
CLICK THE LINK TO SEE THE IDEA I DISCUSSED FEW DAYS BACK ON TRADING VIEW
IEX GAVE RETURN AS DISSCUSED BACK AND IT CAN ALSO BE HELD FOR MEDIUM TO LONG TERM
1. STRONG STOCK
OCT. 7 and OCT. 19. (in purple)
NASDAQ : USDYEN : EURUSD : DXY : SILVER
These BIG FIVE have consistent direct and inverse relationships with each other
(for example: the USDYEN predicts the movement of the US-indices)
AND on these two(2) dates their EW-WAVES area ALL lining up.
According to my count which has been unfolding since last Friday
USDINR has been consolidating since one week and tried to form a base (at the demand zone). In Previous day session it broke its resistance (73.65), and sustained above it. At current level it is looking good for long with good R:R, Minor hurdle at 73.9.
Last Close : 10854.8
For the week 13-17 July 2020
Any pull back near 10661 will be bought into.
Targets for bulls i have marked in the chart.
Below 10538... Bears will be in control
Will review this again in the next week.
Like... Share.. Follow... Stay tuned.
After locking a new ATH stock needs some correction to refuel to further continue the journey. One can short once the trend line is broken for the support levels as the targets with the strict stop loss.
Put call ratio suggests the index is in a euphoric overbought state. Any confirmation of reversal on price action should limit the further upside. Could be a near term or a long term top. Breakdown of this trend line breakdown should bring a good correction.
Nas100 has broken the all time high, and now currently in consolidation, If this bad boy comes back to the region then the probability is that its gonna shoot up again. Keep your eyes on this one too!!