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Supportandresistancezones

USDCAD bulls jostle with 1.3640-50 crucial resistance on BoC DayUSDCAD bulls struggle to keep the reins at a five-month high as markets await the all-important Bank of Canada (BoC) Interest Rate Decision and the US ISM Services PMI for August. That said, the nearly overbought RSI and impending bear cross on the MACD checks buyers as they attack a convergence of an 11-month-old descending resistance line and a horizontal region comprising multiple levels marked since late April, close to 1.3640-50. As a result, the pair’s upside appears difficult and hence needs a strong boost from the BoC, as well as US data, to cross the stated hurdle, which in turn could propel prices towards the yearly high marked in March around 1.3865. Following that, the late 2022 peak of 1.3980 and the 1.4000 psychological magnet will gain the market’s attention. Meanwhile, the USDCAD pullback may initially aim for the 38.2% Fibonacci retracement of August-October 2022 upside, near 1.3500, ahead of retesting the 200-DMA support of 1.3465. In a case where the Loonie pair remains bearish past 1.3465, the early July swing high of 1.3385 and the 61.8% Fibonacci retracement surrounding 1.3200, also known as the Golden Fibonacci ratio, will be on the seller’s radar. Finally, the yearly low marked in July around 1.3090 acts as the last battle point for the buyers, a break of which won’t hesitate to drag the pair below the 1.3000 psychological magnet. Overall, USDCAD remains bullish but may witness a pullback before the further upside, unless the BoC and US data offer surprises.
by MTradingGlobal
AUDUSD bears flex muscles on RBA DayAUDUSD bulls struggle to hold the forte after posting the first weekly gain in seven on the Reserve Bank of Australia (RBA) Interest Rate Decision Day. That said, the Aussie pair trades within a three-week-old bearish triangle, staying below the convergence of the 100-SMA and 50-SMA surrounding 0.6450 on the key day. It’s worth noting that the steady RSI and bearish MACD signals lure the sellers to sneak in and break the stated bearish triangle’s bottom line, close to 0.6420 at the latest. In a case where the risk-barometer pair remains weak past 0.6420, it confirms the bearish chart pattern and can well refresh the yearly low, currently the August 13 bottom of around 0.6360. On the other hand, an upside clearance of the previously stated triangle’s top line, near 0.6530, could unleash the AUDUSD buyers. Following that, a downward-sloping resistance line from mid-July around 0.6600 will precede a five-week-old horizontal resistance zone surrounding 0.6625 to test the upside momentum. In a case where the Aussie pair buyers keep the reins, backed by the hawkish RBA actions or signals, the odds of witnessing a run-up toward July’s peak of around 0.6900 can’t be ruled out. Overall, AUDUSD bulls run out of steam but the bears need approval from the RBA and the triangle breakdown.
by MTradingGlobal
HDFC Life Insurance - An interesting CaseHere I am presenting an intriguing case involving HDFC Life Insurance stock⚡ On the left-hand side 👈 we have the weekly chart where two distinct zones emerged: a support zone and a resistance zone. An attempt to breach the support zone, occurring around 500, was made; however, this endeavor ultimately lacked follow through 😐 This resulted in a sudden and pronounced upward surge that propelled the stock past the resistance zone, situated around 617 🦾 On the right-hand side 👉 we have the daily chart. You can observe that the breakout of the resistance was not only successful but also promptly retested within a few trading sessions, leading to a resumption of the upward movement 🥂 Nonetheless, the stock encountered difficulties while approaching the 700 zone, culminating in the formation of a rising wedge pattern. It's worth noting that such a pattern is deemed bearish within the context of technical analysis ⚔ Subsequently, the stock experienced a retracement and has since retraced back to approximately the breakout level of 617. This specific level has previously acted as a point of resistance, thereby suggesting a likelihood of role reversal (may act as a support this time). Moreover, a closer examination of the candlestick patterns reveals that they have become narrower in proximity to the support area, indicating a potential waning of selling pressure👍 Furthermore, a falling wedge pattern, characterized as bullish, has also manifested. Should the stock's price successfully breach this wedge pattern to the upside, it may pave the way for an upward movement towards levels around 660, 700, or even 750 🚩 It's important to consider that this perspective would lose its validity should the price fails to escape the confines of the falling wedge pattern or commence trading below 600. Thank you 🙏 for taking the time to read this analysis. If you find it insightful, please express your support 🚀 and anticipate more such ideas in the future 💰 Disclaimer: This is not an investment or trading advice. Please apply your own due diligence before investing your hard-earned money.
NSE:HDFCLIFELong
by Bravetotrade
17
Nifty Intraday Levels 23/Aug/23Good Morning Traders, Guy's yesterday Markets traded range bound and ended almost unchanged amid mixed cues. After the marginal uptick, the Nifty oscillated in a narrow band and finally settled around the day's low to close at 19396.45 levels. (FII) sold shares Rs. 495.17 crore, whereas (DII) Purchased Rs. 533.75 crore worth of stocks on yesterday session. On the technical front, the market is witnessing a non directional activity on the higher side and finding resistance near 19450, while on the lower side the index is regularly taking support near 19375. Any fresh uptrend is possible only after the breakout of 19450, and then nifty could rally til 19500-19550+, On the lower side breakdown of 19375, can take nifty towards 19300-19250 levels. Important Levels for Nifty- Support zone 19355-19375 Resistance zone 19430-19450 Buy above 19450, if levels sustains at least for 30 mints Targets we can see in upside 19524/19603 Keep stop loss at 19369 Sale below 19369, if levels sustains at least for 30 mints Targets we can see in downside 19299/19242 Keep stop loss at 19450 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:NIFTY
by TraderRahulPal
2
AUDUSD forms falling wedge but bulls need more to returnAUDUSD bears take a breather after a five-week downtrend, portraying a falling wedge bullish chart pattern around the yearly low. Adding strength to the hopes of recovery is an upward-sloping RSI line, not overbought, as well as the bullish MACD signals. However, an area comprising multiple lows marked since late May, around 0.6460-70, restricts the short-term upside of the Aussie pair. Following that, a three-month-old horizontal area and the 200-SMA, respectively near 0.6580-6600 and 0.6635, will challenge the buyers before giving them control. On the contrary, a one-week-long rising support line surrounding 0.6390 limits the immediate downside of the AUDUSD pair ahead of the stated wedge’s bottom line, close to 0.6350. In a case where the Aussie pair remains bearish past 0.6350, the November 2022 low near 0.6270 and the previous yearly bottom of around 0.6170 will be in the spotlight. Overall, AUDUSD bears run out of steam and hence suggest a corrective bounce in the pair’s price. However, the downward trend established since mid-July is more likely to prevail unless witnessing strong Aussie data and/or downbeat US statistics, as well as the dovish Fed talks and the risk-on mood.
by MTradingGlobal
BPCL Swing TradeBCPL has broken below the support zone, which has been tested multiple times in the past. This presents a good opportunity for a small swing trade. Entry: To take advantage of this situation, we can initiate a short position as soon as the next candle opens. Stoploss: For risk management, it's wise to set the stoploss just above the support level, with a little buffer added. Target: Our target for this trade can be set near the next support level, as indicated on the chart. Thank you, Please like and follow me.
NSE:BPCLShort
by vt_trader
3
Scalping on Bank Nifty Based on Support and Resistance ZonesTimeframe: Intraday (Today) Index: Bank Nifty Support and Resistance Zones: Support Zone: 43,829 - 43,767 Resistance Zone: 44,177 - 44,235 Entry Rules: Buy Entry (Scalping from Support): Monitor the Bank Nifty for a potential bounce off the support zone around 43,829 - 43,767. Look for bullish price action confirmation such as a bullish candlestick pattern or a strong upward move. Enter a long (buy) position as soon as you see clear confirmation of a bounce. Set a tight stop loss just below the support zone at around 43,750 to manage risk. Sell Entry (Scalping from Resistance): Observe the Bank Nifty as it approaches the resistance zone around 44,177 - 44,235. Wait for bearish price action confirmation such as a bearish candlestick pattern or signs of rejection from the resistance level. Enter a short (sell) position when you see clear confirmation of a potential reversal. Set a tight stop loss just above the resistance zone at around 44,250 to control risk. Exit Rules: Scalping aims to capture small price movements, so consider taking quick profits as soon as you see a small favorable price fluctuation. Take profits when you've achieved a small profit margin or when you notice signs of a reversal. If the trade moves significantly against your position, exit promptly to limit potential losses. Risk Management: Scalping involves frequent trading, so use proper risk management techniques. Only risk a small portion of your trading capital on each scalping trade. Stay vigilant and be prepared to exit if the trade doesn't move in your favor. Important Notes: Scalping involves rapid trading and may lead to higher transaction costs due to frequent executions. Be aware of brokerage fees and spreads when scalping. Stay updated with economic news and events that may impact the Bank Nifty, as these can quickly change market sentiment. Be cautious when trading around support and resistance levels, as false breakouts can occur. This scalping strategy is designed for short-term traders and requires a solid understanding of support and resistance levels, candlestick patterns, and effective risk management. Scalping may not be suitable for all traders, and individual trading preferences and risk tolerance should be taken into account. Always trade responsibly and within your means. The following trading idea is provided for informational purposes only and should not be considered as financial or investment advice. Trading stocks and other financial instruments involves risk, and there are no guarantees of profit. Before implementing any trading strategy, it is essential to conduct thorough research and analysis, and consider your individual financial situation and risk tolerance.
NSE:BANKNIFTY
by ZoneFlow
Gold stays bearish despite corrective bouncesGold braces for the fourth weekly losses even as a one-month-old falling support line defends intraday buyers. That said, the recovery appears elusive unless crossing the 200-SMA level of around $1,940. Even so, multiple tops marked since late May, surrounding $1,985, constitute a strong resistance for the bulls to cross before taking control. Following that, a run-up toward crossing the $2,000 round figure will be a cakewalk for the XAUUSD buyers while $2,050 and May’s peak of around $2,066 could gain the market’s attention afterward. On the flip side, the aforementioned support line, around $1,887 by the press time, could keep poking the Gold sellers. However, a break of which could quickly drag the XAUUSD to the 61.8% Fibonacci Extension (FE) of the metal’s May-July moves, near $1,863. It’s worth noting that the bullion’s weakness past $1,863 will make it vulnerable to testing the yearly low of around $1,804, quickly followed by the $1,800 threshold. Overall, Gold sellers keep the reins unless the prices remain below $1,985 but the downside room appears limited, which in turn suggests intermediate bounces in the price.
OANDA:XAUUSD
by MTradingGlobal