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Kotak Bank RSI Bullish DivergenceOn the daily timeframe chart of Kotak Bank, a noteworthy observation can be made. While the price has been forming lower lows, the Relative Strength Index (RSI) is displaying a pattern of lower highs. This development indicates a bullish divergence on the RSI, which presents a potential opportunity for a swing trade. Entry: To capitalize on this bullish divergence, it is advisable to consider initiating a long position after the opening of the next candle. This will allow for confirmation of the divergence pattern and potentially capture any subsequent upward movement in the stock's price. Stop Loss: To manage risk effectively, it is recommended to place the stop loss below the previous swing low, taking into account a suitable buffer. This precautionary measure ensures protection against unexpected price declines and helps to preserve capital in the event that the trade does not unfold as anticipated. Targets: For this swing trade setup, two distinct target levels are identified on the chart, referred to as Target 1 and Target 2. These targets correspond to the next resistance levels that the stock may encounter during its potential upward movement. Traders may consider taking profits or adjusting their positions accordingly upon reaching these predefined targets. Remember to like this post and consider following for future updates.
NSE:KOTAKBANKLong
by vt_trader
2
Nifty Intraday analysis 10th Oct 2023Good Morning Traders, Guy's today global market looking green, we might can see some bounce back in market, if talk technically about Nifty, the day was very volatile, we have seen gap down and then buying and then again pressure from top. So the day was really volatile, and Nifty had erased all previous two days gain after the Israel Palestine conflict pushed oil prices higher on yesterday session. But Nifty have sustained important support zone on chart 19475-19500. This is crucial support zone for nifty, any closing below 19475 can take nifty towards 19200. So i think as global market is showing bullishness, so there is higher chances we can see buying in our market too. On the higher side we can see some resistance at 19600, any good closing with volume can take nifty towards 19750-19800 levels. Well guy's nifty have formed a bearish candlestick pattern with long upper and minor shadows on the daily time frame. Usually this pattern indicates a lower top formation for the stock price with a sell on rise opportunity. This is a negative indication and one may expect some more weakness for the short term. Keep watch on some good stocks for near term. 1. Aavas financiers 2. Oil India 3. Mahindra holidays. These stocks has formed a bullish candlestick patterns on chart. There is higher probability we can see some upside moment in it. Important levels for Nifty:- Intraday support zone 19475-19500 Intraday resistant zone 19600-19650 Buy above 19537, if levels sustains at least for 15 mints Targets we can see in upside 19584/19642 Keep stop loss at 19495 Sale below 19495, if levels sustains at least for 15 mints. Targets we can see in downside 19444/19376 keep stop loss at 19537 Note:- Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction. Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades. Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's. Thankyou
NSE:NIFTYLong
by TraderRahulPal
2
Gold price recovery remains elusive below $1,880Gold recovers from a seven-month-old amid an oversold RSI (14) and failure to break the weekly horizontal support surrounding $1,815. However, the 21-SMA upside hurdle surrounding $1,830 and the one-week-long descending resistance line of around $1,840 restrict the short-term upside of the Gold price. It’s worth noting that the XAUUSD remains on the bear’s radar unless it breaks a downward-sloping support-turned-resistance line from late June, close to $1,880 by the press time. Following that, a quick run-up to the $1,900 round figure can’t be ruled out. Meanwhile, a downside break of the weekly support of around $1,815 will have to confront a slew of technical supports and oversold RSI (14) before allowing the Gold bears to visit the $1,800 round figure. Should the XAUUSD remain bearish past $1,800, a one-week-old descending support line of near $1,782 and the late November 2022 low of around $1,730 will be in the spotlight. Overall, Gold bears take a breather after the previous day’s disappointing US data, as well as consolidate the latest losses ahead of Friday’s key US jobs report. However, the XAUUSD is not out of the woods yet, at least below $1,880. Hence, the latest bounce can be considered as a selling opportunity.
OANDA:XAUUSD
by MTradingGlobal
EURUSD bounces off 10-month-old support but remains bearishEURUSD pares weekly losses ahead of the key inflation data from the Eurozone and the US. In doing so, the Euro pair rebounds from horizontal support comprising lows marked since November 2022, around 1.0485-80, as the RSI (14) takes a U-turn from the oversold territory. The same joins the looming bull cross on the MACD to direct the pair towards the nine-month-old previous support line, close to 1.0650 at the latest. However, the mid-September highs of around 1.0765-70 and the convergence of the 50-SMA and the 200-SMA, surrounding 1.0830, will act as tough nuts to crack for the buyers before retaking control. On the contrary, the EURUSD pullback remains elusive beyond the immediate horizontal support line surrounding 1.0480. Following that, the 50% Fibonacci retracement of September 2022 to July 2023 upside of near 1.0400 will precede the late November 2022 bottom of around 1.0220 to test the Euro bears. In a case where the major currency pair remains bearish past 1.0220, the 61.8% Fibonacci ratio of around 1.0200 will act as the final defense of the pair buyers. Overall, EURUSD remains bearish below 1.0830 but the corrective bounce may recall 1.0650 for a while on the chart.
by MTradingGlobal
Gold bears cheer death cross, trend line break to target $1,860Gold licks its wounds at the lowest level in more than six months after falling the most since late July the previous day. Although the oversold RSI prods the XAUUSD sellers, the bearish MACD signals, a clear downside break of the previous key support line stretched from February and a death cross on the daily chart together suggest further downside of the previous metal. That said, the death cross is a bearish moving average crossover wherein a short-term SMA pierces the longer one from above. With this, the bullion appears well set to decline towards the 78.6% Fibonacci retracement of February–May upside and then to the early March swing high, respectively near $1,860 and $1,858. In a case where the precious metal remains bearish past $1,858, March’s low of $1,809 and February’s bottom of $1,804, quickly followed by the $1,800 threshold, will lure the commodity sellers. On the flip side, the previous monthly low of around $1,885 and the $1,900 round figure guards the immediate upside of the Gold Price. Following that, the support-turned-resistance line stretched from February will join the 61.8% Fibonacci retracement level, also known as the Golden Fibonacci Ratio, to challenge the XAUUSD buyers around $1,905. In a case where the quote remains firmer past $1,905, the 50-SMA and the 200-SMA will restrict the asset’s further upside to around $1,923 and $1,928 in that order. Overall, the Gold Price is likely to decline further towards the yearly low.
OANDA:XAUUSD
by MTradingGlobal
USDCAD sellers need validation from 1.3430 and Canada inflationUSDCAD stays pressured at the lowest level in a month after breaking a six-week-old horizontal support. Adding strength to the downside bias is the Loonie pair’s sustained trading below the 200-SMA. However, the nearly oversold RSI (14) line and sluggish MACD signals prod the bears, which in turn highlights a two-month-old ascending support line, close to 1.3430 at the latest. It should be noted, however, that a downside break of the 1.3430 support will make the quote vulnerable to drop towards the 50% Fibonacci retracement of July-September upside, near 1.3390, and to the 61.8% Fibonacci ratio of 1.3320 ahead of directing the bears toward multiple tops marked in July and August around 1.3230. Meanwhile, a horizontal area comprising multiple levels marked since early August, between 1.3490 and 1.3500, guards the immediate recovery of the USDCAD pair. Also acting as the nearby upside hurdles for the Loonie pair is a one-week-old descending trend line and 200-SMA, respectively near 1.3510 and 1.3530. It should be noted that the quote’s run-up beyond 1.3530 will aim for the 1.3600 and the double tops marked in late August around 1.3635-40. In a case where the bulls manage to keep the reins past 1.3640, the monthly high surrounding 1.3700 will be in the spotlight. Overall, the USDCAD pair is likely to decline further but the downside room appears limited.
by MTradingGlobal
HDFC BANK institutional buying zone HDFC bank has been in this range since about 300 days and has always bounced back from this institutional buying zone where big players accumulate. It has approached this range again giving a beautiful risk to reward ratio of 1:3 and more. As seen in the past, on the break of this minor downward trend, the market rallies to the resistance zone hence we should follow the past. Position Sizing is recommended... What is position sizing? It is when you first add half your position to check If the market is saying you are right or wrong, if the market moves in your direction, you will add your second half and tighten your stop loss. This way you add two positions but one only when the market shows you that you are correct. Example: Suppose your risk is 100 per trade, You first buy enough Qt to risk only 50 ( Typically with a larger stop) and if the market forms a green candle or another bullish sign, you add another Qt to risk 50 more ( Total risk 100) and your second stop loss becomes tighter ( most probably at the breakeven of the first position) this way you minimise your loss but ur reward is the same and even more. If your first stop gets hit, you accept your mistake and move on. Hence, if one does go long, I personally am buying as close to the zone as possible and then will be adding more as the trendline breaks. Volume isn't a key indicator here since it has been high in the past as the market approached this zone and still rallied upwards. Targets marked on the chart. Keep It Simple
NSE:HDFCBANKLong
by Krish_Kohal
12
EURUSD pares US inflation-induced losses ahead of ECBEURUSD braces for the first weekly gain in nine as markets await the key European Central Bank (ECB) Interest Rate announcement. In doing so, the Euro pair extends the previous week’s rebound from the 78.6% Fibonacci retracement of March-July upside, near 1.0680 by the press time. The corrective bounce also gains support from a looming bull cross on the MACD indicator, as well as the gradually rising RSI (14) line from the oversold territory. It’s worth noting, however, that the 1.0800 appears a tough nut to crack for the pair buyers as it comprises the six-month-old previous support line, the 200-day Exponential Moving Average (EMA) and the 61.8% Fibonacci ratio. Following that, a downward-sloping resistance line from late July and the 100-EMA, respectively near 1.0855 and 1.0865, will act as the final defenses of the pair sellers. On the contrary, the EURUSD pair’s fresh downside could aim for the latest swing low of around 1.0700 before poking the 78.6% Fibonacci retracement level of around 1.0680. In a case where the Euro pair remains bearish past 1.0680, May’s bottom of 1.0635 may act as a buffer during the quote’s slump targeting March’s low of 1.0516. It’s worth observing that the yearly low marked in January around 1.0480 could test the pair sellers past 1.0516 before giving them control. Overall, EURUSD builds upside momentum but the recovery moves need validation from the hawkish ECB signals, especially after the previous day’s US inflation numbers challenged the pair buyers.
by MTradingGlobal
Gold bears prepare for another stunt as US inflation loomsGold Price again prods the 200-day Exponential Moving Average (EMA) support, after failing to break the same during late August, within a 2.5-month-old falling wedge bullish chart formation. The sluggish MACD signals and a downward-sloping RSI (14), not oversold, also favor the XAUUSD bears in breaking the 200-EMA support of around $1,910, which in turn will allow the precious metal to test the $1,900 threshold. However, the stated wedge’s bottom line of around $1,880 could challenge the commodity sellers afterward. In a case where the quote remains bearish past $1,880, the 78.6% Fibonacci retracement of its February-Mary upside, close to $1,860, will act as the final defense of the buyers before directing the prices toward the early 2023 low of around $1,805. On the contrary, the Gold Price recovery will aim for the 100-EMA hurdle of surrounding $1,930. Following that, the aforementioned bullish chart pattern’s top line, close to $1,945, and the monthly high of near $1,953 could challenge the XAUUSD buyers. In a case where the bullion remains firmer past the $1,953 hurdle, the odds of witnessing a rally towards July’s peak of $1,987 and then to the theoretical target of the wedge formation, close to $2,045, can’t be ruled out. It’s worth noting that the $2,000 psychological magnet acts as an extra filter toward the north. Overall, the Gold Price appears to decline further but the downside room seems limited unless the US CPI offers an extremely strong figure for August month.
OANDA:XAUUSD
by MTradingGlobal