Rupee Vs Usd (Spot) Inr: Correction Will Continue Below 65.85
Further correction can resume below 65.85.
Resistance will be at 66.28-66.60.
Traders can take profits at higher resistance levels as the opportunity arises.
Alternatively, hold long position with a stop loss of 65.85.
The retracement levels are placed at 65.69, 65.37 and 64.84.
Broadly, till the peak of 66.90 is not crossed the bias remains to take profit and exit long position on the rise.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Long
66.14
65.30
UP
64.3
11.08
65.64
65.96
66.11
66.28
66.60
*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Positional Traders: If trend is up then traders long can hold long position with closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a closing stop loss of DRV: Close <DRV.
TECHINCAL INDICATORS TABLE
RSI
1-ROC-RSI
Stochastic
1-ROC-Stochastic
MACD
1-ROCMACD
RS
1-ROCRS
66.04
2.69
40.52
-22.46
0.59
-0.35
46.19
-4.37
Note: Red Color Bar= Down Trend, Green Color Bars= Up Trend, Blue Color Bars= Sideways(Trend could be up or down), Pink Color line= DRV, V marked= Increase in Volume in relation to last few days. Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Blue Color dots above the price are profit booking alerts. Purple dot on the charts are swing top/bottoms could be in place.
Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.
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