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BANKNIFTY LEVELS 11/05/2023 BANKNIFTY ANALYSIS WITH LOGIC: 1. If there's flat opening or gap up and gets reversal from 43465 with strong 15m bearish candle we will short up to 43070 level 2. If there's flat opening and breaks 43465 and 43600 with strong 15m bullish candle, then we will be on buy side. 3. If price breaks 43070 level with bearish candle, then we will continue to short our positions up to 43525 level by maintaining trailing stoploss. 4. Further buy side positions we be updated on live market. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan
Keep Nazara in radarNazara Technologies Ltd. It appears that the price has completed a phase of "accumulation" at the bottom of a major downtrend, and the recent breakthrough of the resistance level suggests a potential reversal to a new uptrend. To identify this pattern, traders often look for a Head and Shoulders Bottom formation, which involves three consecutive price declines following a significant downtrend. The lowest point, or the "head," is situated in the middle, flanked by two "shoulders" at around the same level but higher than the head. As the price makes the first two declines, the trading volume is usually the highest and then decreases during the formation of the right shoulder. Finally, when the price surpasses the neckline, which is drawn between the two highs, the volume typically surges, confirming the reversal of the trend. Note for everyone who came across this study: This chart is only for educational purpose. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
NSE:NAZARA
by hardeepssethi
USDJPY grinds higher inside five-month-old bearish triangleUSDJPY marked the first negative weekly close in four despite Friday’s gains. Following that, the Yen pair remains inside an ascending triangle bearish chart formation comprising multiple levels marked since early December 2022. That said, the RSI and MACD conditions also signal a continuation of the recent rebound within the stated triangle. With this, the top line of the aforementioned chart formation, close to 137.80 at the latest, gains the market’s attention, a break of which could defy the bearish pattern and can propel prices towards the 61.8% Fibonacci retracement of October 2022 to January 2023 downside, at 142.50. It should be noted that the 140.00 round figure can act as an intermediate halt during the anticipated rise whereas a successful rise past 142.50 won’t hesitate to aim for the 78.6% Fibonacci retracement level surrounding 146.70. Meanwhile, the 100-DMA joins the 23.6% Fibonacci retracement level to provide strong short-term support within the triangle around 132.80. Following that, the triangle’s lower line, close to 131.90, will be crucial to watch as a clear break of the same could confirm the theoretical fall towards 121.00. While chasing the said target, the lows marked during January 2023 and May 2022, respectively near 127.20 and 126.30, may act as intermediate halts. However, the USDJPY pair’s weakness past 121.00 could witness multiple supports around the 120.00 psychological magnet. Overall, USDJPY is likely to decline further as Fed vs. BoJ divergence eases. Though, a clear downside break of 131.90 becomes necessary to convince bears.
by MTradingGlobal
Gold price signals pullback on US NFP dayHaving refreshed a multi-month high on the Federal Reserve’s (Fed) dovish rate hike, the Gold buyers appear running out of steam as markets await the US Nonfarm Payrolls (NFP) data. That said, the quote’s repeated failure to provide a daily closing beyond an upward-sloping resistance line from late January 2023, close to $2,068 by the press time, teases the XAUUSD bears. Adding strength to the hopes of a pullback is the overbought RSI line. However, the metal price needs to provide a daily close below $2,040 to facilitate the profit-booking move. In that case, the $2,000 round figure and 23.6% Fibonacci retracement level of around $1,970 could act as immediate targets ahead of February’s top surrounding $1,960. Though, the quote is less likely to drop past $1,960 as 38.2% Fibonacci retracement and 200-EMA, respectively near $1,900 and $1,863 appear tough nuts to crack for bullion sellers. Meanwhile, the metal’s sustained trading beyond $2,040 can keep grinding its higher and mark another attempt in breaking the multi-day-old resistance line near $2,068. In that case, the highs marked in 2022 and 2020, around $2,070 and $2,075, may act as intermediate halts for the Gold buyers before directing them to the $2,100 round figures. Overall, Gold price remains bullish but a short-term pullback seems brewing as the key US data looms.
OANDA:XAUUSD
by MTradingGlobal
BANKNIFTY LEVELS 04/05/2023 BANKNIFTY ANALYSIS WITH LOGIC: 1. If there's flat opening or gap up price should retest 43295 level with 15m bullish candle, then only we will take long position up to 43450 as our 1st target. 2. If that trend continues, we will set 43600 level as our second target by maintaining trailing stoploss. 3. If there's gap down in price and closes below trend line with 15m candle we will short up to 43065 level. 4. Maximum range boundness can be seen during first half be careful. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan
EURUSD portrays bullish consolidation ahead of ECBEURUSD recently pierced a three-week-old symmetrical triangle as the European Central Bank (ECB) Interest Rate Decision looms. That said, the Fed-inspired run-up impresses the Euro bulls as the pair trades successfully beyond the 200-SMA amid a firmer RSI (14) line and bullish MACD signals. As a result, the quote is well set for rising to the fresh high since late March 2022, currently around 1.1095. The same highlights the 1.1100 round figure as a lucrative stop ahead of the 61.8% Fibonacci Expansion (FE) of the pair’s moves from April 03 to May 02, near 1.1130. Following that, the 78.6% FE and March 2022 peak of around 1.1180 and 1.1185 respectively could lure the pair buyers. Meanwhile, EURUSD sellers will need validation from the 200-SMA support of around 1.0915 to retake control. Even so, lows marked during April 10 and 03, close to 1.0830 and 1.0790 in that order, can check the bears before giving them control. In that case, the 61.8% Fibonacci retracement of the Euro pair’s March-April upside, surrounding 1.0735, may act as the last defense of the buyers before directing them to the YTD low marked in March around 1.0515. Overall, EURUSD buyers remain in the driver’s seat as they await the key central bank decision.
by MTradingGlobal
GBPUSD bears flex muscles with rising wedge at multi-day topGBPUSD pauses a two-week uptrend inside a rising wedge bearish chart formation. The descending RSI (14) line, however, suggests bottom-picking and hence highlights the need for a strong downside move that can break the wedge’s lower line, as well as the 200-SMA level, respectively near 1.2430 and 1.2385. Following that, the theoretical target of rising wedge confirmation, around 1.2130, gains the market’s attention. Though the 50% Fibonacci retracement level of March-April upside near 1.2190 can act as an intermediate halt whereas the mid-March swing low around the 1.2000 psychological magnet may lure the Cable bears past 1.2130. On the other hand, a surprise positive for the GBPUSD buyers requires successful trading beyond the latest multi-month high marked in the last week around 1.2585 to suggest the quote’s further advances. Even so, the stated wedge’s upper line near 1.2590 and the 1.2600 round figure can act as extra filters towards the north. In a case where the Cable pair remains firmer past 1.2600, the May 2022 peak of around 1.2670 and October 2020 bottom of near 1.2675 may provide the final fight to the bulls before giving them control. Overall, GBPUSD is technically expected to witness a pullback in prices but the looming Fed and the US data can play its magic to change the scenario. Hence, Cable traders should closely observe the outcomes before taking any major positions.
by MTradingGlobal
NZDUSD recovery remains unimpressive below 200-SMAAfter defying a three-week losing streak, the NZDUSD pair grinds higher as traders brace for Wednesday’s New Zealand quarterly employment numbers. The quote currently pokes the 100-SMA barrier surrounding 0.6190 while also eyeing a one-month-old downward-sloping resistance line, close to 0.6205 by the press time. Given the bullish MACD signals, the Kiwi pair is likely to overcome the nearby hurdle. However, the RSI is close to the overbought territory and hence suggests limited upside room for the pair before hitting a roadblock, which in turn highlights the 200-SMA as the key resistance, close to 0.6220 by the press time. In a case where the Kiwi pair buyers manage to keep the reins past 0.6220, the odds of witnessing a run-up toward the mid-April high of around 0.6315 can’t be ruled out. Though, any further advances could challenge the yearly high marked in April around 0.6380. Meanwhile, pullback moves could gain attention on a downside break of the 0.6190-85 support zone comprising 100-SMA and the April 25 high. Following that, the NZDUSD pair can witness multiple supports near 0.6120 and 0.6100 round figure ahead of targeting the YTD bottom marked in March around 0.6085. It’s worth mentioning, however, that the quote’s weakness past 0.6085 can make the pair vulnerable to dropping toward the 0.6000 psychological magnet. Overall, NZDUSD is in a bearish consolidation mode ahead of crucial New Zealand data.
by MTradingGlobal
AUDUSD eyes corrective bounce as RBA week beginsAUDUSD marked negative closings in the last two consecutive weeks ahead of the Reserve Bank of Australia’s (RBA) monetary policy decision. That said, the previous weekly fall could be linked to a downside break of a seven-week-old ascending support line. However, the Aussie pair recently confirmed a short-term falling wedge bullish chart formation. The same joins the gradually ascending RSI line to suggest further consolidation of the latest losses. However, the quote needs to stay beyond the 0.6630 hurdle. Even so, an upward-sloping support-turned-resistance line from early March and 61.8% Fibonacci retracement of the pair’s March-April upside, close to 0.6660, can challenge the pair buyers. Following that, the 200-SMA level of 0.6685 acts as the last defense of the bears. On the contrary, a seven-week-old horizontal support zone near 0.6575-70 appears a tough nut to crack for the AUDUSD bears to retake control. In that case, the yearly low marked in March around 0.6560 may act as an extra challenge for the sellers before retaking the driver’s seat. Following that, the Aussie pair will be all set for the previous yearly low surrounding 0.6165. Though, the round figures may offer intermediate halts during the anticipated downturn. Overall, AUDUSD bears are likely to take a breather but won’t leave the table unless RBA offers a positive surprise and Fed disappoints, both of which are hardly expected.
by MTradingGlobal
Gold sellers eye consecutive third weekly loss, $1,935 in focusRepeated attempts to mark a downside break of the HKEX:1 ,980-79 support confluence comprising a fortnight-old symmetrical triangle, as well as the 200-SMA, keep Gold bears hopeful of posting a third weekly loss in a row. However, a six-week-long horizontal support zone around HKEX:1 ,935 appears a tough nut to crack for the XAUUSD sellers, especially amid the downbeat RSI (14) line. Should the metal prices remain weak past HKEX:1 ,935, the HKEX:1 ,900 round figure and the mid-March swing low of around HKEX:1 ,885 will be in the spotlight. Meanwhile, a corrective bounce in the bullion price needs to stay beyond the 100-SMA and top line of the stated triangle, respectively near HKEX:2 ,003 and HKEX:2 ,010, may gold the Gold buyers. It’s worth noting that the quote’s successful trading past HKEX:2 ,010 enables it to challenge the YTD peak of near HKEX:2 ,050 whereas any further advances could aim for the HKEX:2 ,070 key hurdle comprising the previous yearly top and the 61.8% Fibonacci Expansion (FE) of the metal’s March 15 to April 19 moves. Overall, Gold stays on the bear’s table after an initial attempt to lure the bulls. However, the next week’s Federal Reserve (Fed) monetary policy meeting outcome will be crucial to watch for clear directions.
OANDA:XAUUSD
by MTradingGlobal
BANKNIFTY LEVELS 27/04/2023 BANKNIFTY ANALYSIS WITH LOGIC: 1.If there's flat opening and price closes in between 42920 - 42787 levels with first 15 min candle we will not take any kind of trades. 2.If price crosses 42920 level with strong 15m candle we will take long position up to 43295 level, 3.If price crosses 42787 level with 15m candle it should retest those level. then only we will plan for sell side up to 42500 level. 4.May have volatile trading session due to weekly expiry. Have a safe and profitable day :)
NSE:BANKNIFTY
by ramsaisujan