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Supportandresistancezones

USDJPY attracts bears but 200-SMA is the key supportUSDJPY marked a second consecutive weekly loss, as well as broke an ascending trend channel, as BoJ Governor Haruhiko Kuroda departs after the decade-long workmanship. The bearish break also gains attention as the quote slips beneath the 100-SMA for the first time in more than a month. However, the nearly oversold RSI and 200-SMA, around 133.30 at the latest, challenge the Yen pair’s further downside. Following that, the 50% Fibonacci retracement level of February-March advances, near 132.90, acts as the last defense of the buyers before directing sellers towards the 130.00 round figure, as well as the February 10 swing low surrounding 129.80. Meanwhile, USDJPY recovery remains elusive unless the quote remains below the 135.65-70 resistance confluence, including the 100-SMA and the aforementioned channel’s lower line. Should the Yen pair manage to remain firmer past 135.70, the 137.00 could test the bulls before highlighting the monthly high of 137.90, the stated channel’s top line, near 139.10, and the 140.00 psychological magnet. Overall, USDJPY is on the bear’s radar and is likely to decline further but the 200-SMA may test the further downside momentum.
by MTradingGlobal
200-EMA defends Gold buyers on US NFP dayGold stays on the bear’s radar as it reverses the previous weekly gains, the first in five, ahead of the all-important US employment report for February. It’s worth noting, however, that the 200-EMA level surrounding $1,805 puts a floor under the metal price, a break of which could set the ball rolling towards the 50% Fibonacci retracement of November 2022 to February 2023 upside, also comprising the mid-November peak surrounding $1,787. In a case where the quote remains weak past $1,787, late November’s bottom near $1,731 appears the last defense for the bulls. On the flip side, the 38.2% Fibonacci retracement level close to $1,830 holds the key to Gold’s buyer’s entry. However, a broad nine-week-old horizontal area between $1,857 and $1,865 seems a tough nut to crack for the metal bulls. Should the bullion manages to remain firmer past $1,865, a run-up toward the $1,900 threshold becomes smooth. Following that, the multi-month high marked in February at around $1,960 could gain the buyer's attention. Overall, the Gold price is likely to remain weak amid hawkish Fed expectations and downbeat MACD signals. However, the RSI line teases with the oversold territory and hence the quote’s further downside is likely having a little room towards the south.
OANDA:XAUUSD
by MTradingGlobal
BANKNIFTY LEVELS 10/03/2023BANKNIFTY ANALYSIS WITH LOGIC : 1. Maximum range bound market can be seen on today's session between 41430- 41200 levels range. 2. If there is flat opening or small gap up and crosses down 41200 level with strong candle we can short our positions upto 40950 level as our first target, 3.If the trend continues and breakdowns 40950 level with stong candle we will continue our selling upto 40150 level. 4.If there's strong gap up and crosses 41430 level with strong bullish candle, we will take long position upto 41655 level. Further details will be updated on live market. HAVE A SAFE AND PROFITABLE DAY :)
NSE:BANKNIFTYShort
by ramsaisujan
Triple bottom in LALPATHLAB on one hour chartIdentified a triple bottom formation, which is a bullish chart pattern that suggests a potential trend reversal from a downtrend to an uptrend. This formation occurs when the price of an asset creates three distinct lows at or near the same level, indicating that buyers are stepping in to support the stock at that level. There are two possible outcomes: either the stock will rebound from this support level, leading to a bullish trend reversal, or the stock may break down through this support level, indicating that bears are taking control of the market and leading to a continuation of the downtrend.
NSE:LALPATHLAB
by HSJNFinWisdom
2
BANKNIFTY LEVELS 09/03/2023BANKNIFTY ANALYSIS WITH LOGIC : 1. If there's gapup or opening on a flat note and price crosses 41655 level with strong bullish candle. we can take long position upto 41995 level, 2. If there's is rejection from 41655 level and forms 15m candle below the rejected candle. we can short our positions upto 41240 level. 3. If the above two cases doesn't occur we will not take any positions in banknifty. FURTHER DETAILS WILL BE UPDATED ON LIVE MARKET HAVE A PROFITABLE TRADING :)
NSE:BANKNIFTY
by ramsaisujan
GBPUSD eyes further downside ahead of crucial US/UK data GBPUSD holds a confirmed place in the bear’s radar after breaking an important support line from mid-November, as well as the 200-DMA, as traders await the UK data dump and the US jobs report. That said, a daily closing below the 50% Fibonacci retracement level of the Cable pair’s upside from November 2022 to January 2023, near 1.1795, becomes necessary to witness the quote’s further declines amid the nearly oversold RSI and downbeat MACD signals. In that case, the late October 2022 swing high and the 61.8% Fibonacci retracement level, around 1.1645-40, may lure the pair sellers. Should the quote remains bearish past 1.1640, the 78.6% Fibonacci retracement level of 1.1422 and the November 09 bottom of around 1.1330 might act as intermediate halts before directing it to the late 2022 low of 1.1144. On the contrary, GBPUSD recovery may initially aim for the 200-DMA level of around 1.1910 ahead of challenging the 1.1950 support-turned-resistance comprising the previous support line from November 17 and 38.2% Fibonacci retracement level. Following that, the 1.2000 psychological magnet and a downward-sloping resistance line from late January, near 1.2090, will be in focus. It’s worth observing that the Cable pair’s successful trading beyond 1.2090, as well as crossing the 1.2100 threshold, could help the bulls to retake control. Overall, GBPUSD is likely to decline further unless crossing the 1.2100 hurdle.
by MTradingGlobal
BANKNIFTY LEVELS 08/03/2023 BANKNIFTY ANALYSIS WITH LOGIC : 1. if there's is gap up in price. It should retest the recent candle high after that we can set our 1st target upto 41665 level. 2. If the price crosses with strong bullish candle at 41665 level we can set our second target upto 41995 level. 3. If there's flat opening we can expect range bound market between this levels 41665 - 41200. 4. If there's is gapdown and retests 41240 or 41200 level we can take long positions from 41240 - 41665 level. 5. Or if price closes below 41200 level we can short our positions upto 40950 level. Further details i will update in market hours. Have a safe and profitable trading.
NSE:BANKNIFTYLong
by ramsaisujan
EURUSD stays bullish unless breaking 1.0540 support confluenceAfter stalling a four-month winning streak in February, EURUSD prints mild gains so far in March. That said, the major currency pair’s latest recovery takes place from the 1.0540 support confluence comprising the 200-day Exponential Moving Average (EMA) and a three-month-old ascending support line. The upside momentum also takes clues from the upward-sloping RSI (14) line and upbeat MACD signals. As a result, the quote is well-set to challenge the last December’s peak surrounding 1.0740. Should the quote manage to remain firmer past 1.0740, which is more likely, the prices could aim for the mid-February top of around 1.0800. However, multiple hurdles could challenge the Euro bulls afterward, if not then the pair’s north-run toward the previous monthly high of near 1.1035 can’t be ruled out. Meanwhile, a daily closing below the 1.0540 support confluence could quickly fetch the EURUSD price to January’s bottom of 1.0481 before highlighting the December 07 low near 1.0445. In a case where the pair sellers keep the reins past 1.0445, the 50% and 61.8% Fibonacci retracements of its run-up from November 2022 to February 2023, respectively near 1.0380 and 1.0230, could flash on their radar. It’s worth observing that the late October 2022 high near 1.0095 and the 1.000 level are crucial for the Euro bears to watch past 1.0230. Overall, EURUSD remains on the bull’s radar as it stays firmer beyond the key support ahead of Fed Chair Jerome Powell’s semi-annual Testimony.
by MTradingGlobal
BANKNIFTY LEVELS 06/03/2023BANKNIFTY ANALYSIS WITH LOGIC : 1. Considering the levels if there is small gap price should retest 41240 level should form bullish candle above that level. Then only we will take long position upto 41995 level. 2. If it opens on a flat now price shuld cross 41333 with strong candle after that we can set our targets upto 41995 level 3. if price opens below 41840 level we can short upto recent low 40950 level by maintaing trailing stoploss sudden spikes may occur during short side HAVE A SAFE AND PROFITABLE DAY
NSE:BANKNIFTY
by ramsaisujan
Reliance Double Bottom & RSI DivergenceReliance has formed double bottom pattern on daily chart. While the RSI is making higher low which is clear sign of RSI Bullish Divergence. Entry We can go long on open of next candle. Target Target 1: We can keep our 1st target at the nearest resistance which will also the neckline of the W pattern as marked on chart. Target 2: Once the 1st target is achieved & price gives breakout above the neckline of the W pattern 2nd target will be the next resistance as marked on chart. Stoploss We can keep stoploss below the support zone. Please like & Follow me.
NSE:RELIANCELong
by vt_trader
6
BANKNIFTY LEVELS 03/03/2023 BANKNIFTY ANALYSIS WITH LOGIC : 1. If there's small gap or opens on a flat note price should retest the 40390 level. There after we can short our positions upto 40150 level. 2. If those trend continues and form strong bearish candle below 40150 level we will continue to short our positions till 39875 level 3. Or if the price sustains at support 40150 level forms bullish candle we can expect reversal upto 40390 level. 4. If there's huge gap up above 40390 level we can expect heavy volatile or range bound market in between 40645 - 40390 levels. 5. Try to maintain trailing stoploss as of now banknifty is slightly strong when compared to nifty. ONLY FOR EDUCATION PURPOSE ONLY HAVE A SAFE AND PROFITABLE DAY :)
NSE:BANKNIFTYShort
by ramsaisujan
3
Gold grinds between 50-EMA and 200-EMA ahead of crucial weekGold braces for the first weekly gain in five but stays within the key moving average envelope as traders eye Fed Chair Jerome Powell’s testimony and the US NFP data, up for release in the next week. It’s worth noting, however, that the bears appear to run out of steam, per the RSI and MACD conditions. As a result, a clear upside break of the 50-Exponential Moving Average (EMA), around $1,845 by the press time, could convince the buyers to retake control. Though, multiple hurdles around $1,865 and $1,890 might challenge the XAUUSD run-up before the metal can regain $1,900. Meanwhile, a surprise downturn remains unimpressive beyond the 200-EMA level surrounding $1,803. Also acting as an extra filter to the south is the $1,800 threshold. In a case where the Gold price remains bearish past $1,800, the 61.8% Fibonacci retracement level of the quote’s run-up from last November to February 2023, around $1,747, will gain the market’s attention. It should be noted that the late November low of $1,727 may act as the last resort for the buyers before totally giving up control during the metal’s weakness past $1,747. Overall, the Gold price remains sidelined but the downside momentum gains less acceptance ahead of an important week.
OANDA:XAUUSD
by MTradingGlobal
BANKNIFTY LEVELS 02/03/2023 BANKNIFTY ANALYSIS WITH LOGIC : 1. Considering the levels if there is flat opening and forms 15m long bullish candle we can set our target upto 40950 level. 2. If there is gap up price should retest recent high then only we will take buy side positions upto 40950 level 3.If banknifty forms bearish candle below 40645 level we can short sell upto 40560 level and if the trend continues below that level we will set our targets upto 40390 level. 4. Maintain trailing stoploss while trading on buy side because banknifty will be so dynamic due to option expiry. HAVE A SAFE AND PROFITABLE DAY.
NSE:BANKNIFTY
by ramsaisujan
EURUSD stays on the bear’s radar despite recent reboundEURUSD began the month of March on a positive note by crossing a one-month-old descending trend line, as well as poking the 1.0690 resistance confluence including the 200-EMA and 61.8% Fibonacci retracement of the January-February upside. The recovery also justified bullish MACD signals. However, the RSI (14) retreated from the overbought territory and triggered the quote’s pullback from the key upside hurdle. Even if the pair crosses the 1.0690 immediate resistance, a horizontal area comprising multiple levels marked since January-end, around 1.0788-805, appears a tough nut to crack for the bulls. It’s worth noting that the quote’s successful run-up beyond 1.0805 won’t hesitate to challenge January’s high of near 1.0930. Meanwhile, pullback moves could aim for the previous resistance line from early February, close to 1.0585. Following that, lows marked during the previous month and January, near 1.0530 and 1.0480 in that order, could lure the EURUSD bears. Should the pair remains bearish past 1.0480, bottoms marked in late November around 1.0290 and 1.0220 may act as the last stops for the sellers before highlighting the parity level of 1.0000. Overall, EURUSD is likely to grind higher for the short term but the medium-term bearish trend remains intact.
by MTradingGlobal
GBPUSD braces for a bull run, falling wedge in focusGBPUSD holds onto the Brexit deal-inspired gains inside a one-month-old bullish chart formation called a falling wedge, following a sustained rebound from a fortnight-old descending trend line. Adding strength to the upside bias are the bullish MACD signals. However, nearly overbought RSI challenges the theoretical north-run targeting 1.2600. That said, the mid-February high and the previous monthly top, respectively around 1. 2270 and 1.2450, could test the buyers. It should be noted that the 100-SMA and aforementioned wedge’s confirmation points, respectively near 1.2060 and 1.12110, could challenge the immediate upside of the quote. On the flip side, the 100-SMA and previous resistance line from February 14, close to 1.2060 and 1.2020 in that order, precede the 1.2000 psychological magnet to challenge the short-term pullback of the GBPUSD pair. It’s worth noting that the road past 1.2000 appears bumpy with multiple stops near 1.1940 and 1.1900. Also acting downside filters are the lows marked in January and during mid-November 2022, near 1.1840 and 1.1760 respectively. Overall, GBPUSD is back on the bull’s radar as traders await UK PMI and BOE Governor Andrew Bailey’s speech.
by MTradingGlobal