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Supportandresistancezones

Bank Nifty AnalysisIn this idea I would try to discuss a few possible trading scenarios in Bank Nifty. ⚡Bank Nifty build a range of approx. 1000 pts from 43400 to 44500 and then broke out of it sharply. The move from A to B was quite swift and may have more legs on the upside. ⚡The current move from 45650 to 44650 looks like a pullback. It may still try to pullback further and retest the breakout level. 🚀So, if the price pulls up from here to the downtrend channel or 45150, one may look for a selling opportunity on the lower timeframes for targets of 44650 or so. 🚀If price doesn’t pull up so deep and rather drops down to 44500 from here, one may look for buying opportunities in there for continuation up to 45650 🚀The third scenario is that the price breaks up above 45150 from here. In that case, one may look for breakout opportunities for targeting 45650 or higher. Thanks for reading. Do 🚀 boost for more such ideas in future. Regards.
NSE:BANKNIFTY
by Bravetotrade
4
EURUSD bulls have multiple challenges in keeping the reinsEURUSD braces for the biggest weekly gain since November 2022 while poking the 16-month high as markets await more clues to confirm the nearness of the Fed’s policy pivot. It’s worth noting, however, that the overbought RSI conditions and an ascending resistance line from November 2022, around 1.1250 by the press time, challenge the buyers of late. Even if the quote remains firmer past 1.1250, the 1.1300 round figure will act as additional checks during the further upside. Following that, the Euro bulls will put their eyes on the previous yearly high of around 1.1500. On the contrary, pullback moves remain elusive unless the EURUSD remains firmer past the previous resistance line from February, near 1.1180 at the latest, as well as the April 2023 high of around 1.1100. A clear break of which can direct the Euro sellers towards February’s high of around 1.1030 and then to the previous monthly high of around 1.1010, quickly followed by the 1.1000 psychological magnet. In a case where the Euro bears dominate past 1.1000, a convergence of the 50-DMA and the 100-DMA, near 1.0850, will be a tough nut to crack for them. Overall, EURUSD remains on the bull’s radar despite witnessing bullish exhaustion.
by MTradingGlobal
Eicher Motors 🚚 Swing TradeEicher Motors has experienced a downward trend over the past few days, but has recently shown signs of support with a strong bullish candle. As a professional trader, we can consider taking a swing trade by going long on the open of the next candle. To mitigate potential losses, we will set a stop loss below the support zone with a reasonable buffer. This will help us exit the trade if the market moves against us. In terms of our target, we will aim for the next resistance zone as marked on the chart. By doing so, we can potentially profit from the uptrend that we anticipate. As with any trade, it's important to exercise caution and make informed decisions. We must always be prepared for unexpected market movements and adjust our strategy accordingly. Thank you for considering this trade idea. If you found this analysis helpful, please like and follow me for more insights in the future.
NSE:EICHERMOTLong
by vt_trader
5
NZDUSD crosses 200-EMA within bearish channel despite RBNZ inactNZDUSD jumps to a three-week high while piercing the 200-EMA even as the Reserve Bank of New Zealand (RBNZ) refrains from lifting interest rates for the first time since October 2021. It’s worth noting, however, that the Kiwi pair remains within a five-month-old bearish channel while approaching the immediate hurdle, namely the previous monthly high of around 0.6250. Should the quote manage to remain firmer past 0.6250, the stated channel’s top line, close to 0.6290, quickly followed by the 0.6300 round figure, will be crucial to watch as a clear break of the same won’t hesitate to challenge the yearly peak marked in February around 0.6540. On the flip side, a daily closing beneath the 200-EMA, around 0.6220 at the latest, can trigger NZDUSD pullback toward the 38.2% Fibonacci retracement level of October 2022 to February 2023 run-up, near 0.6150. Following that, a six-week-old rising support line surrounding 0.6085 and the 50% Fibonacci retracement level of near 0.6030 can test the Kiwi pair sellers. In a case where the quote remains weak past 0.6030, the 0.6000 psychological magnet precedes the stated channel’s bottom line, near 0.5930, to act as the last defense of the buyers. Overall, NZDUSD shrugs off RBNZ’s status quo and is on the way to challenging the bearish chart pattern.
by MTradingGlobal
GBPUSD renews multi-month high near 1.2900GBPUSD printed the first weekly gain in three after the US Dollar’s fall post-NFP. Following that, the Cable pair crossed the 1.2850 resistance, as well as defy the bearish triangle to rise to the highest level since April 2022. It’s worth noting that the bearish RSI divergence, where the price made a higher high but the indicator marked a lower high, suggests a lack of bullish momentum. However, the sellers need to confirm the bearish triangle break by slipping beneath the 1.2680 support, as well as witness downbeat UK employment data. Following that, the early June swing high of around 1.2550, the 100-DMA level near 1.2420 and May’s low near 1.2310 can act as intermediate halts before directing the quote toward the theoretical target of the bearish triangle, namely the 1.2140 level. Meanwhile, a clear upside break of the 1.2850 hurdle on the daily closing basis becomes necessary for the GBPUSD upside toward the 1.3000 psychological magnet. It should be noted that the UK employment report needs to back the upside break of 1.2850 to keep the Pound Sterling buyers hopeful. Following that, a slew of supports and resistances marked between December 2021 and April 2021 highlight the 1.3150-60 region as the key challenge for the pair buyers. Overall, GBPUSD is likely to return to the bear’s radar after a few weeks of absence. Though, the fundamentals need to back the Cable sellers.
by MTradingGlobal
Hindustan Unilever Strong BreakoutBased on my analysis of the daily timeframe chart of Hindustan Unilever, it appears that the stock has recently broken out above a strong resistance zone that has been tested multiple times. This presents a potentially good opportunity for a swing trade. For entry, I recommend going long at the open of the next candle. However, it is prudent to enter with only half of the desired position size initially, as many breakouts tend to fail. If the price pulls back to the flip zone and finds support before resuming its upward movement, we can add the remaining half of the position size. It is worth noting that sometimes the price does not pull back, which is why we are entering the trade with only half of the desired position size right after breakout. Regarding the stop loss, I suggest placing it below the resistance zone with a buffer to mitigate the risk of getting stopped out too early. As for the target, I recommend aiming for a 1:3 risk to reward ratio. This means that for every unit of risk taken (i.e., the distance between the entry point and the stop loss), we are targeting three units of potential profit. Thank you for reading this post. If you found it helpful, please consider giving it a like and following me for more trading insights and market analysis in the future.
NSE:HINDUNILVRLong
by vt_trader
2
BANKNIFTY : (PIVOT AUCTION CHART) Hey Pivster's NSE:BANKNIFTY having a beautiful and smooth weekly pivot auction chart where you can see the "support" (WH3-MH3 zone) turned into "resistance" alongside the Weekly Bearish GPZ setup. A brief synopsis for BankNifty: -> We see a gap-up opening in the month of July'2023 with the first 30m candle close above WH3 and MH3 zone. -> After making a swing high of 45353.20 it goes to dip and retest the WH3-MH3 zone (responsive players zone) where BNF takes a clean initial support by making a swing low as 45000.25 (round number) but does not breaks 45000. -> BNF proceeds with the strength of daily intraday pivot based initiative players and a wild move happens in 2nd trading session of the month on 4th July,2023 where the price travels upside to mark a swing high 45655.50 which basically is above the MH4-WH4 zone (initiative players zone) but crisply closes within the zone and immediately a long sellers candle can be in the following 30min candle. -> We see a responsive ranged based move for next 2 trading sessions (Check the Mother Candle of 5th July, 2023). -> And as much needed breakout/breakdown on the last trading session of the previous week i.e. 7th July, 2023 we get a gap down opening which takes support from the marked zone and also 2D mother candle low. -> Comes the awaited breakdown with a clean price-action as follows- * Breakdown of Intraday 30min ORB range * Breakdown of WH3-MH3 zone marking a comeback of broader responsive players * Breakdown of 2D Mother Candle range And, as we see price now travels to the 'GAP-UP ZONE' which was created on the starting of the July month. -> What happens today must now be very clear and fun to interpret as per the pivot auction theory which is as follow - * Price pushed to gap up opening towards the WH3-MH3 zone which is beautifully in confluence with the 'Daily Bearish GPZ' * As we expect the support turns resistance and we see a ORB (30min) breakdown in the second half. I hope you enjoyed the read time for the BNF synopsis and hopefully take home a lot of things, factors and situations to your learning desk and sharp mind which is powerful enough to decode every problem. MORAL - Stock Market is EASY, but not SIMPLE :) If you thought this was helpful to you then share the same with your fellow traders / friends / family etc..... Regards, Mukkull
NSE:BANKNIFTY
by PivotMinati
8
AUDUSD retreats from 0.6700 as China inflation easesAUDUSD consolidates the first weekly gain in three as softer inflation numbers from the biggest customers, namely China, drag the quote from a fortnight-old falling resistance line, around the 0.6700 round figure. The pullback move also retreats as the RSI eases from the overbought territory, which in turn suggests the Aussie pair’s further weakness towards the 61.8% Fibonacci retracement of May-Jun upside, near 0.6630. However, a horizontal area comprising multiple levels marked since June 01, close to 0.6585-95, appears a tough nut to crack for the bears. In a case where the sellers dominate past 0.6585, the odds of witnessing a slump toward the late May swing low of around 0.6458 can’t be ruled out. Meanwhile, the aforementioned two-week-long descending resistance line around 0.6700 guards the immediate upside of the AUDUSD pair ahead of the 100-SMA hurdle surrounding 0.6715. Following that, the late June high of near 0.6720 and 23.6% Fibonacci retracement level of near 0.6800 can challenge the risk-barometer pair’s upside before directing the bulls toward the previous monthly high of around 0.6900. Overall, AUDUSD’s previous weekly gain appears a one-off affair unless the US inflation signals keep softening.
by MTradingGlobal