Gold Gave a beautiful bull Pennant breakout a few days back and Currently in the consolidation mode. Theoretically, it should repeat the similar move(which it gave from 1275-1425) after this consolidation which will probably lead it toward 1520-1550 range.
It looks like USDINR have made a bottom for now at around 68.25 and is willing to go higher. Expected move for USDINR might look like shown into the chart according to Support/Resistance and Fibonacci Levels.
USDINR looks good for trade, currently on the weekly resistance zone and most probably it's going to go down from here(decision on Crude Oil on 3rd May is going to also impact it). There are 2 scenarios I have plotted in the charts
1. reaction in the upcoming months from the similarity of historical candles
2. From the combination of support resistance...
As you can clearly see in the chart, Brent is entering into the resistance area and also retraced 61.8 percent. it might fall from here after consolidating for some time. wait till it comes out from the area and short when it comes back to retest.
good Risk reward from here in the downside.
Not a financial advice.
Rupee looks strong on the weekly chart, but it seems like it might consolidate in 68.5-70 Range for 1-2 months then it might go for the big move.
It will depend on the price action in the areas I have plotted. Most probably it might go down(Because RSI Seems week for USD) because of the structure but still can't say exactly.
This is not financial...
Nifty is entering in the very crucial range(10900-11200), and how it going to behave in this consolidation range is going to plot the further trace about it. But as of now, there is a clear wave pattern formation is visible on the charts correction is still pending according to Elliot Wave theory, whether it is for the 10-year long bull run(Target around...
You can occasionally get these kinds of scenario in the market, HFCL is now sitting on the perfect support level and on the bull flag. Breakout may occur soon which can lead it to around 40, stop below 22.5.
Fundamentally also it is a good stock, you can hold it for long-term also.
From last from last 1 month, we have seen a nice bull run and it broke the previous which is a nice thing. But what next???... Let's find out.
In my last post about nifty, I actually miscounted the waves(couldn't differentiate the 3rd and 5th wave) but now it is clear, at least for now.
That's the difficult part about the prediction with only chart...
There is an opportunity of swing trade in Jain Irrigation.
Stoploss: below 79.8.
Reward/Risk Ratio : 14/6 = 2.33.
According to the Fibonacci extension, the 3rd wave should be around 1.5-1.6 times bigger than the 1st wave, which leads us to around 99-101 levels.
According to Elliot wave theory BTC should go to around 8100-8500, because 1st wave is completed around 11700, now the correction waves comes into the picture, so According to ABC correction waves and fibonacci retracement, it should go around 8200.
These are only my thoughts not a financial advice, and btw always play it your own way.