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lNDIAMART - looks good for long position.NSE:INDIAMART has recently breakout its resistance level 5200, indicating a potential uptrend. Price retested the level and moved upward with long green candle. 50 EMA crosses 200 EMA in daily time frame. Traders may consider entering a position in the range of 5600-5800, with target levels at 6800 & 7900. It is important to note that trading carries a risk of loss, and a stop loss at 5180 is recommended to limit potential losses if the trade moves against expectations. As always, it is important to conduct thorough research and analysis before making any trades. This post is not financial advice and should not be considered as such.
NSE:INDIAMARTLong
by firos_meethal
what is The symmetrical triangle patternThe symmetrical triangle pattern is a technical analysis chart pattern that forms when the price of an asset is moving within a range, with the highs and lows converging towards each other. it is characterized by two trend lines that converge toward each other, forming a triangle. It is confirmed when the price breaks out of the triangle, either above the upper trend line (bullish) or below the lower trend line (bearish). Traders often look for a price target that is equal to the height of the triangle at its widest point, projected in the direction of the breakout. The symmetrical triangle pattern can be a reliable indicator of future price movement, but it should be used in conjunction with other technical analysis tools and market indicators. one can support the work by simply following BACTIFY and sharing the same with their friends all the best and happy trading
NSE:BPCLEducation
by pratik2358
Gold needs to break $1,980 support for short-term downsideGold price grinds lower between a three-month-old ascending resistance line and an upward-sloping trend line from late March. That said, the quote recently bounced off a convergence of the 21-day EMA and an upward-sloping support line from March 22, close to HKEX:1 ,980, which in turn suggests the commodity’s further recovery towards the HKEX:2 ,020 immediate hurdle. However, nearly overbought RSI and nearness to the aforementioned multi-month-old resistance line, currently around HKEX:2 ,045, could challenge the XAUUSD bulls. Meanwhile, a downside break of the HKEX:1 ,980 support confluence could quickly drag the Gold price toward February’s high of around HKEX:1 ,960. Following that, 50% and 61.8% Fibonacci retracement of its late November 2022 to early April 2023 upside, near HKEX:1 ,890 and HKEX:1 ,853 in that order, could test the Gold sellers. It’s worth noting that the XAUUSD remains on the buyer’s radar unless it offers a daily closing below the 200-day EMA level of around HKEX:1 ,845. Overall, the Gold price is likely to grind higher unless breaking the HKEX:1 ,845 level. That said, a downside break of HKEX:1 ,980 can trigger the metal’s short-term fall.
OANDA:XAUUSD
by MTradingGlobal
Gold buyers run out of steam before final dose of US dataGold price seesaws near the highest levels since March 2022 inside a one-month-old bullish channel. The bullion recently makes rounds to the upper line of the stated bullish formation amid overbought RSI (14), which in turn suggests that the buyers are running out of steam and a pullback is in the offing. The same highlights the 61.8% Fibonacci Expansion (FE) level of the metal’s moves between March 22 and April 10, around HKEX:2 ,041, as the immediate support. Following that, the previous weekly top surrounding HKEX:2 ,031 and the HKEX:2 ,000 round figure could lure the XAUUSD bears. It’s worth noting, however, that a convergence of the 100-EMA and the aforementioned channel’s lower line, close to HKEX:1 ,980-78, as the key support to watch during the quote’s further downside. Above all, the metal’s bearish trend remains elusive unless it trades beyond the 200-EMA level surrounding HKEX:1 ,947. On the contrary, a successful upside break of the HKEX:2 ,050 defies the expectations of witnessing a pullback in the Gold price. Even so, the 78.6% FE level of around HKEX:2 ,057 can test the bulls before directing them to the previous yearly high of near HKEX:2 ,070. In a case where the bullion remains firmer past HKEX:2 ,070, the record high of HKEX:2 ,075, marked in 2020, will precede the 100% FE level of HKEX:2 ,078 to act as the final defense of the short-term sellers prior to propelling the quote towards the HKEX:2 ,100 round figure. Overall, Gold price appears to have had enough of a run-up in the week and may witness a retreat. In doing so, the lower high on RSI and higher high of prices, known as bearish divergence, may play its role, if not the US Dollar.
OANDA:XAUUSD
by MTradingGlobal
Gold buyers run out of fuel ahead of US NFPBe it the Doji candlestick just beneath the 10-week-old ascending resistance line or the overbought RSI (14), Gold Price flashes clear signs of bullish exhaustion. The bears, however, need validation from the monthly support line, close to $1,981, as well as the US Nonfarm Payrolls (NFP). Also acting as the downside filter is February’s high of around $1,960 and the late March swing low of around $1,938. Following that, the metal’s south run towards the 100-DMA and the 200-DMA, respectively near $1,861 and $1,787, can’t be ruled out. Meanwhile, Gold price recovery needs a successful break of the aforementioned multi-day-old resistance line, close to $2,035. In a case where the bullion manages to cross the $2,035 hurdle and gains support from downbeat US employment numbers, its run-up towards the previous yearly high surrounding $2,070 can’t be ruled out. Should the quote remains strong past $2,070, the record high marked in 2020 around $2,075 appears the last defense of the bears. Overall, Gold losses bullish momentum ahead of the key event, suggesting a notable pullback in prices should the scheduled US employment numbers trigger the US Dollar run-up.
OANDA:XAUUSD
by MTradingGlobal
EURUSD eases on the way to refresh 2023 highEURUSD extends the previous day’s pullback from a seven-week-old ascending resistance line as it pares the weekly gains, the third consecutive one. While the overbought RSI joined the stated resistance line to recall sellers, bullish MACD signals and a two-week-old ascending trend line, around 1.0820, challenge the Euro bears. Following that, the 100-SMA and 200-SMA, respectively around 1.0785 and 1.0700 could lure the pair sellers. On the contrary, the aforementioned resistance line near 1.0980 acts as an immediate upside hurdle before directing EURUSD buyers toward the current Year-To-Date high, near 1.1035. In a case where the Euro bulls keep the reins past 1.1035, the January 2022 bottom surrounding 1.1120 will be in focus. During the quote’s advances past 1.1120, tops marked during the late March of the last year can probe the buyers near 1.1185 and 1.1235. Overall, EURUSD is well-set for a fresh yearly top even if the bulls are hesitant of late.
by MTradingGlobal
USDJPY attracts bullish bias till it stays above 131.00USDJPY marked the first weekly gain in five while luring bulls to cross the 100-bar Exponential Moving Average (EMA). The upward trajectory could also be witnessed by a one-week-long ascending trend channel, as well as a successful break of a downward-sloping trend line from early March. The RSI retreat, however, challenges the Yen pair buyers of late. That said, the 100-EMA and the stated channel’s lower line, respectively around 132.60 and 132.10, restrict the quote’s short-term downside. It should be noted that a three-week-long previous resistance line, around 131.00 by the press time, appears the last defense of the bulls. On the other hand, the stated channel’s top line, close to 133.90, caps the immediate upside of the USDJPY pair. Following that, the mid-March high of 135.10 and the late February swing low surrounding 135.25-30 can check the pair buyers. In a case where the Yen pair buyers hold the reins past 135.30, the odds of witnessing a fresh Year-To-Date (YTD) high, currently around 137.90, can’t be ruled out. Overall, USDJPY is back on the buyer’s radar after a four-week absence. The bulls, however, have a bumpy road towards the north.
by MTradingGlobal
Morning Mantra - 31st March 2023Dear All, After a day’s break, here we are with our Morning Mantra on Nifty for Today! So finally on Wednesday , we had witnessed a beautiful recovery in Nifty , which was expected. Moreover, we also got a closing of 17080.70 , but still we need a positive and a stable closing of above 17180 . As this is the last trading day of this week, so we have to observe the Market today , for a positive closing. Wherein, Cherry Picking strategy will be a good idea as of now, with the stop loss of 16800 . Furthermore, Today’s closing will be very important for the Market Participants. Regards , Alok Daiya SEBI Registered Research Analyst
NSE:NIFTYLong
by alokdaiya
Morning Mantra - 28th March 2023Dear All, Yesterday was a very volatile day, which had finally ended with a perfect Doji , a single body formation. Furthermore, a cross harami formation, which is a double body formation altogether is once again indicating a reversal in this declining trend of Nifty. So, as of now, still these 2 important levels of Nifty, i.e., 16800 and 17180 are active and are waiting for an either side breakdown or breakout. Till then keep following the Cherry Picking strategy . Regards, Alok Daiya SEBI Registered Research Analyst
NSE:NIFTYLong
by alokdaiya
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GBPUSD bears flex muscles despite recent reboundGBPUSD confirmed a rising wedge bearish chart pattern on Friday, despite posting another weekly gain and marking an intraday run-up of late. However, the absence of an oversold RSI suggests that the Cable pair could drift lower. That said, the 50-SMA and a two-month-old previous resistance line, respectively near 1.2200 and 1.2170, can restrict the short-term downside of the pair before directing it to the 200-SMA support level surrounding 1.2070. It’s worth noting that the quote’s weakness past 1.2170 makes it vulnerable to visit the multiple supports marked since mid-February around 1.1920-10, a break of which won’t hesitate to approach the theoretical target near 1.1730. Meanwhile, GBPUSD recovery remains elusive unless the quote stays below the stated wedge’s lower line and 78.6% Fibonacci retracement level of the pair’s fall between late January and early March, around 1.2300 by the press time. Following that, the monthly high of around 1.2345 could test the Cable pair buyers. In a case where the quote remains firmer past 1.2345, multiple hurdles could test between 1.2400 and 1.2430 will precede the yearly high of around 1.2450 to challenge the pair’s upside momentum. Overall, GBPUSD is likely to witness further downside but the road toward the south appears long and bumpy.
by MTradingGlobal