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Edelweiss Swing Trade (1:2)There's some interesting price action happening in Edelweiss Fin After a strong base formation it gave a Breakout with good volumes expansion. It retested thrice on the same support of 51 giving the stock a strong bounce every time. After it broke out it halted and started going for a pullback and that too with dull and weak sellers' interest and this low volume pullback suggests a good retest and if you are having a low risk appetite then prefer going in after it shows a sign of reversal like a hammer to make sure it respects the support zone around 65 and if it somehow goes below. I have kept a logical stop loss below 59-60 where lies another resistance turned support! Below it the structure fails and an exit should be made. Position size according to risk appetite and use strict exit rules, I would prefer a close below 58 to trigger my SL as a wick is frustrating but at that time will update here in comments if the price approaches that zone. If we talk about targets we have the next resistance 20% from here I.E. at 77. so we get 1:2 if it hits our target. To add more conviction I have added the volume POC that suggests the highest traded zone and it lies around the second support zone of 60.5. Another strategy can also be used to scale is by adding half @ CMP & half @ 60.5 THIS IS NOT A FINANCIAL ADVISE & KINDLY DO YOUR OWN ANALYSIS/RESEARCH.. Thanks for reading!
NSE:EDELWEISSLong
by UnknownUnicorn21160479
USDJPY bulls need to cross 147.70 to stay on the tableUSDJPY poked the year 1998 high on Thursday while piercing a weekly resistance line, staying near the immediate resistance line of late. That said, the RSI is overbought as the pair struggles with the 24-year high near 147.70, which in turn suggests hardships for the further upside move. If the quote crosses the 147.70 hurdle, its run-up towards an upward-sloping trend line from late April, near 149.00, and the 150.00 psychological magnet will become imminent. It’s worth noting, however, that the buyer’s dominance past 150.00 won’t hesitate to challenge the late 1990 peak surrounding 151.65. Meanwhile, sellers could take entries if the USDJPY pair breaks a 2.5-month-old support line, currently around 144.60. Following that, a south-run to late September low near 140.35 and then to the 140.00 round figure can’t be ruled out. However, July’s top near 139.40 could challenge the sellers afterward, failing to do so can draw a gradual south-run towards August month’s bottom close to 130.40. Overall, USDJPY is near the key resistances as the overbought RSI suggests that the bulls are running out of steam. Hence, a pullback is well-expected but the change of trend is off the table unless the quote breaks 144.60.
by MTradingGlobal