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Technical Analysis

XAUUSD Declines Sharply: Support at 2,488 Under USD PressureCurrently, XAUUSD is in a strong downtrend, trading around 2,551 USD/ounce after failing to hold above the previous support level at 2,605 USD. This move has pushed the price closer to the next support level at 2,488 USD, with a high probability of further decline unless strong buying signals emerge. The 34 and 89 EMA lines are positioned above the current price, acting as dynamic resistance, sustaining selling pressure and reinforcing the downtrend. The primary trend remains bearish, and if XAUUSD cannot reclaim the resistance zone at 2,605 USD, prices may correct further toward 2,488 USD or lower. With a strong USD supported by expectations that the Fed will maintain high interest rates, gold continues to face pressure from financial markets. However, investors should closely watch U.S. economic data and any announcements from the Fed, as these are key factors that could impact the future direction of gold prices.
OANDA:XAUUSDShort
by Vanna-Cris
1
KPITTECH at make or break level.#kpittech - At a crucial Support region. - Fell out of the rising wedge with huge volume. -Fell out of a base with huge volume. Implying a potential stage 4 - Support zone tested several times. - Stock used to trend smoothly taking support at 200 DMA. Which is broken now. - 1300 levels are not held then the possibility of testing 1K region. Looking for reversal is now not wise. The market is sell on the rise. Any long-term investors itching to buy the dip can consider adding a very limited quantity at 1300 region. As of now looks very weak. It would be great if we get it at 1K level. I am not a fan of short selling but if anyone is good at that then keep this on radar. This is just a view please do not take a decision without consulting your financial advisors. Chart shared is just for educational purposes.
NSE:KPITTECH
by sagartharayil
IT Bees looks good for a positional medium-term play.#tradeideas #ITbees. Looks good for a positional medium-term play. -Nifty IT along with BN is supporting Nifty. -IT sector shows resilience in this market fall. - Positivity in US market (NASDAQ) - Easy to get in and out. Good liquidity. What could go wrong? - Overall bearish sentiments in our market. If NIFTY were to fall further, IT would follow suit. - Dependent on NASDAQ move, so pay close attention to US markets. Overall this is a low-risk setup. Risk is only 6.5-7%. Build positions sensibly. Risk management is key. Do not put all your money at once. And respect the SL. Building this position early because if we were to get a reversal soon then the rewards will be good. If the reversal is not sustained then our risk is still less. This is just a view and chart shared for educational purposes only.
NSE:ITBEESLong
by sagartharayil
Nifty50 - November 2024 viewIn my October view, I had mentioned that it is time to be cautious as Nifty was near an important zone of 26240-26270 and we have seen more than 2000 points fall since then. FIIs have sold more than 1.3 lakh crore of equity in last 40 days. Let's analyze what can be expected in this month. We have seen nearly 10% correction from ATH in Nifty50. 23900 is acting as a support currently which is also its 78.6 % fib extension. On the downside:- Below 23900, I am expecting at least 23300 which is near the trendline support. On the upside:- 24300, 24800 & 25000 would act as a strong resistance. Current view is sideways to bearish till 25000 is breached on weekly closing basis Till then, market will remain on sell at high.
NSE:NIFTY
by chartistamey
Kalyan Jewellers. Aiming for another up move?#Tradeideas. #klayanjewellers. After a strong stage 2 uptrend, the stock is pulling back forming a Flag and pole. Trying to breakout of it. 🟢Trdaing right at 50 DMA. Formed a bullish Marabozu at 50 DMA. 🟢Bullish sentiments of Jewellery stocks around marriage season. 🔴 Q2 results around the corner. If the results are not as per the market then good chance for hitting SL. 🔴Overall bearish sentiments in the market. Watch this counter closely. Risk is in the range of 10-11%. If ATH is broken with good volume and a good candle very good chance for further upmove. Do your due diligence.
NSE:KALYANKJILLong
by sagartharayil
Gabriel - Rounding Bottom patternA Rounding Bottom (also called a Saucer Bottom) is a bullish reversal pattern, typically indicating that the price is moving from a downtrend to an uptrend. Rounding Bottom Formation: This pattern often forms over a long period and suggests that after a sustained decline, the asset is gradually transitioning into an uptrend. The price action forms a smooth, rounded curve, rather than a sharp, angular reversal. Neckline Breakout: The "neckline" is the resistance level that is typically drawn at the top of the rounding formation, where the price has repeatedly failed to move higher. A breakout above this level is a key signal that the trend may be shifting from bearish to bullish. Price Target: We are expecting that if the neckline is broken, the price could cross 500 level (a psychological round number), which suggests you’re anticipating a significant upside move once the breakout is confirmed. This is consistent with the typical behavior of a rounding bottom pattern, where the potential price target is often calculated by measuring the distance from the bottom of the pattern to the neckline and then projecting that distance upwards from the breakout point. Trade Details: I am waiting for confirmation of the breakout before providing more details about the trade, including entry points, stop-loss levels, and exit strategy.
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NSE:GABRIELLong
by Arvind_Share_Academy
1
Suzlon.. currently in Falling Wedge. Looking at this chart of Suzlon Energy Ltd. on NSE, here are some key observations: 1. **Falling Wedge Pattern**: - The recent price action shows a falling wedge, a pattern characterized by converging trendlines sloping downwards. This often suggests a potential bullish reversal if the price breaks out above the upper trendline. 2. **Uptrend Channel**: - The price is still within a broader upward trend channel, indicating the overall bullish trend is intact despite the recent correction. The current price is approaching the lower boundary of this channel, which could act as a support zone. 3. **Volume Analysis**: - Volume seems to have decreased during the recent downtrend. A breakout from the falling wedge with increasing volume could further confirm bullish momentum. 4. **Relative Strength Index (RSI)**: - The RSI is showing a bullish divergence; while the price is making lower lows, the RSI is making higher lows. This divergence is often a precursor to a potential price reversal. 5. **Support Levels**: - The price is near the lower trendline of both the falling wedge and the broader upward channel, around the INR 62–65 range, which could serve as a strong support zone. 6. **Potential Trade Setup**: - A breakout above the wedge with strong volume could provide a good entry point for a bullish trade. Alternatively, if it fails to break out, monitoring the lower boundary of the channel as support would be essential. In summary, the chart shows signs of a potential reversal if it breaks out of the falling wedge. Watching for a breakout with volume confirmation and monitoring the RSI divergence will be crucial for validating the bullish case.
NSE:SUZLONLong
by brijmohan_h
Gold flirts with sellers in a bullish channel ahead of US NFPGold is stabilizing after its largest daily decline in 15 weeks, as traders await Friday's US Nonfarm Payrolls (NFP) report. In doing so, the precious metal bounces back above the 50-SMA but struggles to reclaim its previous upward trend, signaled by a three-week-old rising wedge. Still, it remains within a bullish channel established since early August. Bulls need conviction to retake control Even with gold's recent bounce and its position within a multi-day bullish channel, Thursday’s confirmation of a rising wedge bearish chart formation, combined with bearish MACD signals and a lack of oversold RSI, raises concerns for buyers. Key technical levels to watch Gold buyers focus on the rising wedge's bottom near $2,762 to regain control. If they succeed, the next targets will be the wedge's top at around $2,796 and the bullish channel’s upper line at about $2,810. A firm move above $2,810 could lead to the bullion’s gradual rise toward $2,900 and potentially $3,000. On the other hand, Gold sellers are looking at Thursday’s low of $2,731, with the previous weekly low of around $2,708 in their sights. Key levels for bears include the bullish channel bottom and the 200-SMA near $2,687 and $2,670, respectively. If gold drops below $2,670, it may be set for a decline toward the rising wedge target of $2,570. Bulls in control, but sellers seek opportunities The recent bearish chart pattern offers sellers a chance for short-term gains, especially if the US employment report impacts gold prices. However, buyers are expected to maintain their hold on the market.
OANDA:XAUUSD
by MTradingGlobal
USDJPY fades month-old bullish trend on BoJ’s cautious pauseUSDJPY snapped a three-day winning streak even as the Bank of Japan (BoJ) held benchmark interest rates unchanged, as widely expected, after its two-day monetary policy meeting early Thursday. In doing so, the Yen pair also challenged a five-week-old bullish trend channel. Bulls lack acceptance but bears have a bumpy road ahead… Apart from the BoJ’s hawkish halt, sluggish MACD and RSI conditions, along with the USDJPY pair’s inability to cross a month-old rising resistance line and 61.8% Fibonacci retracement of July-September downside, suggest a weakening of bullish bias. A slew of key supports, however, might challenge the sellers before taking control. Key technical levels to watch The aforementioned upward-sloping trend channel’s bottom line, close to 152.80, gains the immediate attention of the sellers ahead of the 50-bar Exponential Moving Average (EMA), around 152.20 at the latest. Following that, the USDJPY sellers can aim for the 150.00 threshold and the 200-EMA support of 149.00. In a case where the quote remains bearish past 149.00, the 38.2% Fibonacci ratio and September’s peak, respectively near 148.10 and 147.20, will act as the final defense of the buyers. On the contrary, USDJPY needs a clear upside break of the 61.8% Fibonacci retracement level of 153.45, also known as the golden ratio, to convince buyers. Even so, a month-long ascending trend line and a horizontal hurdle established since mid-July, close to 154.80 and 155.30-40, will challenge the Yen pair’s further advances. If the prices remain firmer past 155.40, the odds of witnessing a rally toward the aforementioned bullish channel’s top line surrounding 157.70 can’t be ruled out. Focus on US data As the BoJ’s cautious stance weighs on USDJPY buyers, traders will watch upcoming US inflation and employment data for further direction.
by MTradingGlobal
EURUSD: Focus on 13-month-old support and EU/US GDPEURUSD retreats towards a key support level as traders prepare for Wednesday's Eurozone and US Q3 GDP reports. Despite this, the pair maintains a mid-October breakdown below the 200-SMA, while oscillators challenge continued bearish momentum. Bulls and bears jostle at key support While EURUSD sellers benefit from the drop below the 200-SMA and a stronger US Dollar, an upward trend line from October 2023, along with an oversold RSI and a potential bull cross on the MACD, may limit further declines of the major currency pair. Key technical levels The 13-month rising support line near 1.0770 is crucial for EURUSD sellers if the pair drops further. Below that, the monthly low of 1.0760 is an important level, with June and April lows around 1.0665 and 1.0600 as potential targets. For EURUSD buyers, recovery seems challenging without breaking the 200-SMA at 1.0870. Even if they succeed, the 1.1000-1.0980 zone, marked since January, poses a tough challenge. If the Euro bulls cross the 1.1000 hurdle, they’ll set their sights on the 78.6% Fibonacci Extension (FE) of the pair’s late 2023 fall and a 10-month-old rising trend line, close to 1.1100 and 1.1220 in that order. Further downside needs a strong catalyst With mixed oscillator signals, EURUSD sellers need robust data to support US Dollar strength and Euro weakness to push prices lower. A corrective bounce seems likely, potentially creating fresh selling opportunities if Eurozone data surprises positively.
by MTradingGlobal
GBPUSD: Sellers approach multi-month-old support before US dataGBPUSD is slipping from last week’s bounce off a six-month support line. Traders are watching for Tuesday's US Consumer Confidence report, while the strong US Dollar and cautious mood ahead of the US Q3 GDP figures, inflation data, and Nonfarm Payrolls (NFP) are putting pressure on the Pound Sterling. Bears lose momentum While GBPUSD buyers aren’t gaining traction, sellers will struggle to take control. There are multiple support levels, and indicators like the RSI (14) and a weakening bearish MACD signal may hinder the bear’s progress. Key technical levels to watch Watch for the upward support line from late April around 1.2935, followed by the 200-SMA near 1.2800, as near-term key levels to watch for the GBPUSD sellers. If the bears push below 1.2800, look for support at the August and June lows around 1.2665 and 1.2610. GBPUSD needs to break the ascending trend line from early March near 1.3080 for a recovery. Additional resistance levels include the psychological barrier at 1.3000 and the 50-SMA at 1.3140. Lastly, a horizontal resistance zone near 1.3240 serves as a crucial barrier for buyers. Further downside appears less convincing With the bearish trend losing momentum, expectations for fewer rate cuts from the US Federal Reserve could change if upcoming data doesn't support US Dollar strength. This uncertainty calls for caution among GBPUSD sellers.
by MTradingGlobal
Bitcoin: BTCUSD bulls eye $68,700 resistance as key week beginsBitcoin's (BTCUSD) recent gains are under pressure as traders await important data this week, including the US Q3 GDP, Fed Inflation, and Nonfarm Payrolls (NFP). However, optimism about post-US election industry regulations and strong ETF inflows continue to support buyers. BTCUSD braces for major upside Although Bitcoin (BTCUSD) buyers take a breather, the prices remain above the key resistance-turned-support, and the oscillators are positive, too, suggesting the cryptocurrency pair’s further advances. That said, the quote’s sustained trading beyond the 100-SMA and month-old horizontal support join bullish MACD signals and an upbeat RSI (14) line, keeping the buyers hopeful. Key technical levels to watch Among the important technical levels, a one-week-old descending resistance line surrounding $68,700 gains immediate attention. Following that, the monthly high surrounding $69,490 and the $70,000 threshold will be in the spotlight. It should be noted that the BTCUSD pair’s successful trading beyond the $70,000 hurdle enables the buyers to aim for the yearly high of around $73,800. Meanwhile, the 100-SMA and aforementioned horizontal support restrict the short-term downside of Bitcoin to around $66,600 and $66,100 respectively. In a case where the BTCUSD prices remain bearish past $66,100, an upward-sloping trend line from early September, close to $63,000 at the latest, will be the final defense of the buyers. An interesting week for buyers Despite positive technical and fundamental signals for Bitcoin buyers, key data and events could introduce volatility, leading to month-end consolidation. Bulls should stay cautious, as they are likely to maintain control of the market.
BITSTAMP:BTCUSD
by MTradingGlobal
Bank Nifty - Formation of Bearish Head and ShoulderBank Nifty index is forming bearish head and shoulders pattern. Here are the key levels mentioned below: Neckline : 50000 (activation point for the pattern) Immediate Support: 49700 (200 EMA) Potential Target: 46500 (if price pierces below 200 EMA) Trend Breakdown: Noted breakdown of the uptrend line since October 23. Make sure to keep an eye on these levels and monitor price action closely as it approaches them! If you have any more insights or questions about trading strategies, feel free to share.
NSE:BANKNIFTYShort
by Arvind_Share_Academy
Gold portrays much-awaited pullback, focus on $2,710 & US dataEarly Friday, gold prices slipped after a brief bounce from a week-long support level, retreating from a point that has shifted from support to resistance. Traders are closely watching the September U.S. Durable Goods Orders. This movement highlights gold's defense against a mid-week rejection of a bullish trend, signaling the anticipated price pullback. Sellers flex muscles Gold is struggling to regain momentum, facing rejection from recent highs. With bearish signals from the MACD and an RSI close to 50, further declines in gold prices seem likely. However, strong support levels may challenge sellers' quest for lower prices. Key technical levels to watch In the past week, gold has seen multiple peaks and troughs, with the 50-day simple moving average (SMA) highlighting $2,715-$2,710 as a crucial support zone for sellers. Below that, the 38.2% Fibonacci Extension of gold's movements from September to October and the previous monthly high near $2,686 could attract bearish interest. Importantly, the upward-sloping trend line from early August and the 200-day SMA, around $2,657 and $2,638, respectively, will serve as final defenses for buyers before control shifts to sellers. On the upside, gold buyers are looking for confirmation from the lower boundary of the bullish channel, around $2,753. A successful breakout could lead to a rise towards the recent peak of $2,758 and potentially up to the channel’s upper line near $2,790. The 78.6% Fibonacci Extension at $2,772 and the $2,800 mark are additional upside filters to watch for the XAUUSD bulls. Bulls run out of steam Despite several strong support levels, the anticipated strength of the US dollar after upcoming economic data and recent technical consolidations indicate a potential short-term decline in gold prices. However, the overall bullish trend remains intact unless prices fall below $2,638.
OANDA:XAUUSD
by MTradingGlobal
Technical Class 1 #SMC1In finance, technical analysis is an analysis methodology for analysing and forecasting the direction of prices through the study of past market data, primarily price and volume. Technical analysis is a means of examining and predicting price movements in the financial markets, by using historical price charts and market statistics. It is based on the idea that if a trader can identify previous market patterns, they can form a fairly accurate prediction of future price trajectories.
NSE:BANKNIFTYEducation
by SkyTradingZone
EURUSD bounces back from year-long support ahead of EU/US PMIEURUSD records its first daily gain in four, bouncing back from the lowest level since July 3, as traders eagerly await the preliminary readings of October's PMIs for the Eurozone and the US. The Euro pair’s movement aligns with overbought RSI conditions while it turns from an upward support line established in early October 2023. Sellers remain in control Despite an oversold RSI (14) supporting EURUSD's bounce from key support, bearish MACD signals and trading below the 200-SMA keep sellers optimistic. The downside bias is further strengthened by more dovish expectations from the European Central Bank (ECB) compared to the US Federal Reserve (Fed). Key technical levels to watch The multi-month support line around 1.0765 is crucial for EURUSD. A clear break below this level could expose the pair to a decline toward February and June 2024 lows, near 1.0700 and 1.0680, respectively. However, if the RSI conditions hold, Euro bears may face challenges around 1.0680. If not, the yearly low marked in April around 1.0600 will be the last line of defense for buyers before the pair heads toward the late 2023 bottom around 1.0450. Alternatively, a rebound for EURUSD seems unlikely while trading below the 200-SMA at 1.0870. That said, the immediate upside is protected by the 50% Fibonacci level from the pair's rise between October 2023 and September 2024, located around 1.0830. Additionally, the 38.2% Fibonacci level and an 11-week-old support line near 1.0920 and 1.1000 will be tough obstacles for bulls to overcome if they break past 1.0830. Further recovery looks challenging While some technical signals indicate that sellers may be losing momentum, several technical and fundamental factors suggest buyers are not yet ready to step in. The EURUSD's corrective bounce could continue with strong EU data and weak US statistics. However, if the US Dollar sees a positive surprise, the likelihood of further downside for the pair remains high.
by MTradingGlobal