TREND ANALYSIS & TRADE SETUP
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EURINR is looking weak as previous 2 weeks high is acting resistence.
StochRSI also showing early signs of reversal.
The chart is pretty much clear and very straight forward.
Date: Sunday, 13th Oct 2019
Short below 78.214
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Time will tell if bottom formed at 254 earlier is the long term bottom or not. Presently the stock has support at 275 and resistance at 405. Once 405 is crossed and the stock shows bullishness, further assessment can be done then.
In the last run up the scrip could not cross 2260 on closing basis, went down and has now has found short term support for the next move. It has to close above 2300 and if it does so by early December, the counter will turn bullish.
Cipla has potentially completed its ABC correction on long term charts and is not set to go higher from here... The correction completed with the channel and Wave A = Wave C and almost at 61.8% Fib levels giving every indication of a reversal from those zones.
One can go long in this stock now with the stoploss just below recent lows around 385 for Targets of...
BANK NIFTY HAS RETRACED ABOUT 78.6 PERCENT OF RECENT RALLY.
POINT B AND C IN THE CHART ARE MAIN PIVOTS.
CROSSING BELOW B MAY ACCELERATE THE DOWNWARD DRIFT.
AND CROSSING ABOVE C MAY INVALIDATE THE PRESENT BEARISH OUT LOOK.
SUPPORT FOR BANK NIFTY 27939,27700,27575
RESISTANCE FOR IT ARE 28108,28762 20 DAYS SMA.200 DAYS SMA AND 100 DAYS SMA ARE RESISTANCES.
. There is a possibility of temporary retracement to suggested support line (1.6591). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.