EURUSD extends recovery from the 200-DMA, as well as an upside break of a fortnight-old descending resistance line, as markets await the Eurozone inflation data and the Fed’s favorite inflation gauge, namely the US Core PCE Price Index. That said, the looming bull cross on the MACD and upbeat RSI (14), not overbought, also keep the Euro buyers hopeful. However, a...
USDJPY remains on the way to posting the second consecutive weekly loss after reversing from the yearly top in the last week. In doing so, the Yen pair justifies the overbought RSI (14) line. However, a six-month-old horizontal support zone near 137.90-85 and the 200-DMA level surrounding 137.30 appear tough nuts to crack for the sellers to retake control....
Gold price eyes the first weekly loss in three as it retreats inside a 15-week-old rising wedge. However, the 21-day EMA adds strength to the $2,008 support, a break of which will confirm the bearish chart pattern suggesting a theoretical fall toward $1,750. That said, the $2,000 psychological magnet will precede the multiple lows marked near $1,970 and February’s...
FIRST THE TECHNICAL VIEW
Attached: Nifty IT Index Weekly Chart as of 13th April 2023
In the Chart above, I have mapped out the Potential Elliot Wave Count to play out over the coming Months:
- Price has fallen in 3 Waves which is our Larger A Wave
- Then Price did a Corrective bounce in an ABCDE structure making up our Larger B Wave
- And now the Larger C Wave...
Gold price seesaws near the highest levels since March 2022 inside a one-month-old bullish channel. The bullion recently makes rounds to the upper line of the stated bullish formation amid overbought RSI (14), which in turn suggests that the buyers are running out of steam and a pullback is in the offing. The same highlights the 61.8% Fibonacci Expansion (FE)...
Be it the Doji candlestick just beneath the 10-week-old ascending resistance line or the overbought RSI (14), Gold Price flashes clear signs of bullish exhaustion. The bears, however, need validation from the monthly support line, close to $1,981, as well as the US Nonfarm Payrolls (NFP). Also acting as the downside filter is February’s high of around $1,960 and...
EURUSD extends the previous day’s pullback from a seven-week-old ascending resistance line as it pares the weekly gains, the third consecutive one. While the overbought RSI joined the stated resistance line to recall sellers, bullish MACD signals and a two-week-old ascending trend line, around 1.0820, challenge the Euro bears. Following that, the 100-SMA and...
Namaste!
Adani group is in a bubble, if I consider the following points.
1. Rs 400 to Rs 4000 in a matter of 2 years. This isn't a behaviour of a large-cap stock.
2. The Adani group companies have borrowed hugely. Just look at the debt to equity ratio of Adani companies:-
Adani Enterprises: 1.31
Adani Ports: 1.04
Adani Transmissions: 3.16
Adani Total Gas:...
NSE:WIPRO is fundamentally sound script. As of now there are no reversal signs in chart patterns but investors can consider this 385 range as a buying opportunity. I Expect target levels of 425 in upcoming quarter.
TVS motors leading automobile company as we are seeing some demand in 2wheelers electric model here TVS motors making a Tripple top i.e Head and Shoulder pattern and stock was previously forming the pole and flag treated as channel formation the stock breaks downward and move towards the selling side now in 1day time frame it can go for further sell-side below the...
Wipro is continuously in downfall and holding the support of level 385.
Now, it created a pattern of " head and shoulder " we may see a good fall if it closes below the bottom of the previous low of the pattern.
The share faced rejection of 50DMA and closed below it again.
Fib Retracement - Putting the Fib from the Corona time low we came to know the level of ...
Alert and Caution:
Crude oil broke its low level 6240 (INR) .. heading to reach low 4700 (INR) levels before 26th Dec 2022. Indicating recession phase started in sluggish Industrial and Manufacturing sectors,,, Indicating No demand for New Products due to Global Inflation impact.
All global markets will follow downward move along with Crude Oil fall till end of...
JUBILANT FOODWORKS is consolidating between the levels of 570 to 545 the moment it breaks down the consolidation zone we can see a good fall till 528 as there can be a small hurdle. The further target we are getting is till 500.
500 is good support where it saw the support and reversed back with a double bottom pattern. which also completed the Tripple bottom...
GBPUSD’s rally post-US inflation data enabled it to poke the 100-DMA for the first time since late February. The pair’s further upside, however, appears limited as bulls brace for the UK’s Q3 GDP amid fears of witnessing a clear sign of recession. That said, the 100-DMA hurdle of 1.1665 and the upper line of a five-week-old bullish channel’s resistance line, near...
