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RSI being heavily oversold the stock may pullbackThe stock 1101 during the day pulling back to close at 1134. Comparing close to close the stock corrected 1.43% compared to Bank Nifty overall. Now the stock is at a support. RSI being heavily oversold the stock may pullback from the current levels to 1160 – 1180 levels, however failing to cross them or creating bear candles at the levels may result into further selling. If selling beings again then the stock may find support at 1095, 1050 levels below which the target is deep towards 890 zones.
big down movement is imminent in bitcoin ? hourly chart big short move is imminent ? consolidation is in very narrow range since many hours and all oscillators pointed towards selling zone ....time to make short positions ?
#hourlychart #shortposition #bearishtrend #MACDindicator
Bajaj Auto enjoying a momentum time out.The stock is taking its time out at the 60 levels on RSI. After a unstoppable rally from August it has moved sideways and have consolidated. As of now he prices are resting on KS/TS support line, if a breakout is not registered within a session or two then some serious momentum loss may be grip up thereby pushing the stock into some sharp corrections.
HUL retraced from an importan resistance zone. Fall to continue?HINDUSTAN UNILEVER LIMITED: The stock had a fabulous run in the last few months. In the last few weeks, the stock displayed a loss of momentum and correction occurred. Now the stock took a hit at an important pivot and corrected. The stock has minor support at 1995 – 2000 levels below which there may be a further correction to 1920 levels. However, a move above 2100 will negate the corrective view and the stock may continue the trend up.
Bank of India _ PSU banking index set up move up? Momentum signaBANK OF INDIA: Banking stock specially PSU banks have kept up bank nifty. All PSU banks are strongly poised to move up. The prices have moved up from the daily TS, as of now the prices are inside the kumo, once a breakout is registered the Bank of India is expected to reach 83 levels, the next level of resistance. Till the prices are above 63 the analysis stands true.
NIFTY CLOSED LOWER FOR THE WEEK? What does this indicate?NIFTY: Nifty made a lower close this week. The narrow range bar indicative of weak momentum in the index (however it doesn’t signal outright shorts) but longs positions should be tighten at this juncture. Correction may initiate below 11800, which may extend to 11400 – 11300 levels, at this point we can notice institutional support coming up. The RSI is above 60 which indicates the overall trend is up. Counter trend trading strategy may be considered keeping in mind the support levels on 11400 – 11300.
Bank Nifty made a sensible close by supporting the trend line.BANK NIFTY: Banknifty made a sensible close than the Nifty, the price action supported the breakout trend line and bounced. Also a TS line acted as a good support level. The RSI bounced from the 60 levels, that too is a signature of strength. The lower time frames have to buck up now, the hourly timeframe’s RSI is still wagging between 60-40 levels. 30200 levels on closing basis is important, as long as bank nifty stays above it, the trend in short term shall be positive.
HERO MOTOCORP: Losing Trend Strength? HEROMOTOCORP: The stock has been into tight sideways consolidation since few week. The whole auto sector picked up, leaving behind hero motocorp. In todays session the price broke away from the kumo. Even on the weekly charts the price is below the kumo. RSI is into 60 – 40 zones, displaying no signs of strength as of now. To establish strength Heromotorcop needs to display strong price or momentum moves, failing to do so may intensify selling pressure. A strong close above 2750 may save the stock!
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EURUSD ANALYSIS!!EURUSD SHORT NOT COMPLETED YET?
EURO has been in a strong downtrend since FEB,18.
Apparently it might be in making of 5 wave structure.
If that's the case then 4 waves are completed and now heading down again for 5th wave.
5th wave of the daily structure is in also making of 5 wave but in that case 4th wave might completed now and now on it is going to complete 5th wave.
And might respect to the 61.8% monthly FIB level then shoot up again.
DIVERGENCE also appriceating the Short.
TRADE SAFE
GOOD LUCK
Elliott wave ABC correctionI've been anticipating a short since the previous 2.00335 GBPNZD .
The short has appeared and now it has also created an ABC running flat now i'm looking for an impulse to the downside.
NMDC short term viewIndicators are going to turn positive side for short term. It will break the triangle on coming days based on indicators. After triangle breakout, target will be @123. Most of the time I given my views before breakout by viewing indicators and having confident on that, So safer traders, can initiate trade after breakout(110 on closing basis) and risky traders can buy from this level. Stoploss: 101(closing basis)
Vijayaraghavan,
Kovilpatti.
SWING TRADE IN ITC AUG (FUT)LAST WEEK POSITIONAL CALL TARGET HIT
DOUBLE BOTTOM BEAK-OUT TRADE SUCCESSFUL TRADE
THIS WEEK AGAIN
SWING TRADE IN ITC
AUGUST FUTURES
BUY@306
STOP@296
TARGET@316
LOT:2400
QTY:1
Small Risk, Morning Star Reversal & Divergence We can observe that the lower low made is not supported by the indicators thus forming the divergence and showing the strength. It is formed Morning Star Candlestick reversal pattern which is reasonably reliable so one can buy the stock at current level by providing the appropriate SL. We can expect the target of 1815 which offers a good Risk to Reward trade.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
Price at trend line supportCheck for the trend line support . Theory backed by RSI and MACD. Check fundamentals before entering.
KELLTON TECH SOLUTIONS By KRS ChartsDate: 11th July 2024
Time: 9:40AM
Why KELLTON TECH?
1. Currently Sustained at All-time High Price with Strong Breakout.
2. Cup & Handle Chart Pattern is visible in Weekly and Monthly TF. Also Volume is noticeably increased from year 2021 compared to its previous years.
3. RSI above 60 and Positive Crossover in MACD.
120 to 130 Rs can be better price if Correct little bit from here
If it breaks Neckline at least in Daily TF,
It can achieve 255 Rs price point from current price level.
Gold: Pullback remains elusive beyond $2,570, US data, Fed eyedGold snaps three-day winning streak while retreating from an all-time high, marked the previous day, as traders await the US Retail Sales and monetary policy announcements from the Federal Reserve (Fed), scheduled for Tuesday and Wednesday respectively. In doing so, the precious metal eases from the 61.8% Fibonacci Extension (FE) of its July-September moves.
Buyers remain optimist
Gold’s recent dip comes as the RSI (14) moves back from the overbought zone and marked failure to break through the 61.8% Fibonacci Extension level on prices. Sellers are also eyeing a potential bear cross on the MACD. Despite this, gold remains above the two-month-old resistance line near $2,570, keeping buyers hopeful with dovish expectations from the Fed.
Technical levels to watch
For intraday sellers, the $2,570 level is key as it has turned into support. If gold continues to decline, the 50% and 38.6% Fibonacci Extension levels around $2,560 and $2,540 could be next obstacles. Below these, the bears might target the month-old resistance line and an upward trend line from early August, near $2,525 and $2,515, respectively. However, gold buyers will stay optimistic unless the price clearly falls below the 200-SMA level at $2,487.
On the flip side, if gold breaks above recent peaks around $2,590, it could target the $2,600 level before approaching the 78.6% Fibonacci Extension at $2,610. If gold buyers push past $2,610, the focus will shift to the 100% Fibonacci Extension near $2,650 and then the $2,700 mark.
Sellers need a strong motive to retake control
Overall, gold remains bullish despite the recent pullback. For sellers to gain control, they would need not only a drop below the 200-SMA but also strong US data and a hawkish stance from the Fed.
What are Trading Indicators: Lessons for BeginnersTraders use various tools to make informed decisions in the market. Trading indicators are one such tool, providing valuable insights into market trends, momentum, and potential price movements.
With a simple understanding of some key indicators, you can begin analyzing market conditions and creating your own trading strategies. In this article, we are going to cover what are trading indicators, why they are important, and how you can start applying them to enhance your trading skills.
What Are Trading Indicators?
Trading indicators are mathematical calculations based on historical price, volume, or open interest data of a security. These are used in technical analysis to predict future market movements as well as identify trends.
Typically, these lines are drawn on financial charts and they serve to indicate key price points and also market signals that assist the traders in making informed decisions.
The moving averages, relative strength index (RSI), and moving average convergence divergence (MACD) are among the most popular types of trading indicators.
Why Are Trading Indicators Important?
Trading indicators are fundamental instruments for traders for a number of reasons:
Decision-Making: They give useful information about market trends, which helps traders determine when to buy or sell assets.
Trend Identification: Indicators such as moving averages identify whether the market trend is up, down, or sideways.
Risk Management: They assist in risk management by giving signals for reversals or trend continuation points, which enables the setting of stop-loss orders to protect capital.
Timing: Indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) can aid in timing entry and exit points more accurately.
Confirmation: They can confirm signals from other analysis techniques, thus increasing the reliability of trading strategies.
Automation: Many trading systems use indicators to implement automated trading approaches hence reducing emotions in trading.
Common Trading Indicators for Beginners
For beginners, grasping and applying familiar market signals can assist in making better trades. The following are some of the most popular trading indicators around:
1. Moving Averages
In order to identify trends, Moving Averages (MA) are vital tools used by traders who smooth price data over a specific period. There are two main types of MA:
Simple Moving Average (SMA): It calculates the average price over a set number of periods, providing a straightforward view of the trend.
Exponential Moving Average (EMA): This gives more weight to recent prices, making it more responsive to new information and short-term price movements.
Both SMA and EMA help traders make informed decisions by highlighting the trend direction and potential reversal points.
2. Relative Strength Index (RSI)
The Relative Strength Index (RSI) is a momentum oscillator ranging from 0 to 100, used to gauge the speed and changes in price movements. It assists traders in spotting whether a market is overbought or oversold.
Typically, an RSI above 70 signals that a security is overbought, while an RSI below 30 indicates it is oversold. Traders use RSI to detect potential reversal points and confirm trends.
3. Bollinger Bands
Bollinger Bands consist of three lines: a middle band (SMA), and two outer bands that are standard deviations away from the middle band.
They help traders understand market volatility and identify potential overbought or oversold conditions.
4. MACD (Moving Average Convergence Divergence)
The Moving Average Convergence Divergence (MACD) is a momentum indicator that tracks the relationship between two moving averages of a security's price.
It consists of the MACD line (the difference between the 12-day and 26-day EMAs), the signal line (a 9-day EMA of the MACD line), and a histogram that represents the difference between the MACD line and the signal line.
Traders use the MACD to identify potential buy and sell signals, with crossovers between the MACD line and the signal line being key indicators.
How to Use Trading Indicators Effectively?
Using trading indicators effectively can significantly enhance your trading strategy. Here are some important tips to help you get started with trading indicators:
Combine Indicators: Use a mix of indicators to get a well-rounded view of the market. For instance, pair a trend indicator like MACD with a momentum indicator like RSI.
Avoid Overuse of Indicators: Too many indicators can be confusing. Stick to a few that provide clear insights and complement each other.
Optimize Settings: Adjust the settings of your indicators to match your trading style and the specific market conditions. This might mean adjusting time frames or calculation parameters.
Complementary Indicators: Choose indicators that work well together without duplicating information. For example, combining a trend indicator with a volume indicator can offer a clearer picture of market movements.
Test and Adapt: Continuously test and adapt your strategy based on market conditions. Backtest your indicators on historical data and adjust your approach as needed.
Conclusion
Trading indicators are crucial for beginners in the financial markets. They provide important insights and help you make smart decisions. Start by learning a few key indicators, like Moving Averages or RSI, to build effective trading strategies.
Remember, the key is to use these tools wisely, without over-reliance, and continually learn and adapt. With practice, you'll become more confident and skilled in your trading journey.
USDJPY eyes another bear run, focus on Japan GDP, US inflationEarly Monday, the USDJPY has risen slightly above 147.00 after its first weekly gain in six weeks. This increase follows a rebound from a seven-month low. The rise is supported by a recovery in the RSI and positive signals from the MACD. However, the pair’s failure to defend a week-long bullish trend channel and its continued trading below the 50-bar Exponential Moving Average (EMA) still keeps bears hopeful. Additionally, a downward trend line from early July suggests that sellers still control the market.
The USDJPY is likely to stay under pressure unless it can rise above a resistance line near 150.80. Currently, the 50-EMA and the lower end of the rising channel, around 147.85-90, are key levels to watch. The 150.00 level may offer additional resistance, and if the pair can surpass 150.80, it might target around 155.50.
On the downside, immediate support levels to watch are 145.50 and 143.30. If the price falls further, the monthly low near 141.70 and the psychological level of 140.00 could come into play. If the USDJPY drops below 140.00, it might test the mid-2023 low around 137.25.
While technical indicators suggest a bearish outlook for USDJPY, traders should be cautious due to upcoming economic data releases, including Japan’s Q2 GDP and the US Consumer Price Index (CPI).
TATA CONSUMER PRODUCT NSEDate : 10th May 2024
Time : 10:10 AM
Tata Consumer P has been under my watch from last week of April.
--> Major things that caught my attention was this Head & Sholder Chart Pattern and right underneath it, there is a Bullish Continues Divergence with MACD. that's why I was little suspicious about this stock and its H&S Pattern.
---> Another thing is this whole H&S movement is part of 4th Wave and one more 5th wave is expected, Backed with B C Divergence.
---> 1st 10 Days of May Month it was just in Range that we can see in chart that indicates it B C Divergence is genuinely working here.
---> Today, it seems like, it gives fake sell side entry moved upside.
After all this Safe Buying Side Entry will be once it close above 100 Ema, if someone wants to enter right now their SL will be 1067 Rs.
