Some time we have to think Out of Box , and have to consider even rear events can occur in financial market too ,
This is one of Hypothetical Pattern which can unfolding in coming days , The data before 2008 is not available but I do have master data from which my Forecast is
it will high likely unfold as per forecasted pattern , One can say its...
Trend line breakout and falling wedge breakout has been witnessed.
Expect 74.93 to be tested in near term.
Support can be at 74.05-73.90 and 73.61.
RSI get into the overbought zone.
Acceleration towards 74.93 could be seen for resistance and profit booking
by long position trader.
As long as it remains above the trend line
expect accumulation for...
At some point the RBI will intervene to protect the rupee...at what level we dont know but on the charts there has been a breaking of channel.
This depreciation is good for exporters like IT, Pharma etc.
If it keeps getting weaker its bad for inflation but good for select companies..
Watch out for those companies (exporters) making moves because of a weaker rupee.
note: These targets are for positional traders not for intraday traders.
For BULLISH below are the strong support levels
72.28 Support 1
72.11 Support 2
For BEARISH (72.28-72.11) will become RESISTANCE levels IF BREAK these levels, and below are the TARGET levels.
71.11 Target 1
70.62 Target 2
Interesting setup on USDINR charts as the sharp rally seen over the last few days has triggered widespread panic and chaos. Now, the pair has reached important cluster resistance on Daily charts and will attempt to surpass it. Its a very important resistance zone as its created with reference to its all time high of 77.02. A closing above 75.80 will definitely not...