Dollar – Vs –Rupee
Dollar closed
at Rs.61.39 on 31-10-14
SUPPORT :-61 / 60.89 / 60.72 / 60.64 / 60.19.
RESISTANCE:- 61.55
/ 61.81 / 61.95 / 62.55 / 63.03 /
63.32 / 63.90
TECHNICAL OBSERVATION :-
The
technical chart is showing good strength as it is above all its short term and
long term moving averages on the daily and weekly chart. At present the
short range for it for the month on
November-14 is between 61.95---60.89 and it is expected to oscillate within
it and break on either side will decide
which way it will move ,as of now it seems that it is expected to give up -side breakout
in coming days. The broad range for it is between 61.95—60.45 and breakout
below 60.45 will indicate potential weakness in it, chances of which are
looking slim at this point of time. Therefore as of now I suggest to adopt buy
on dip strategy with a stop loss of below
60.89.Going up it will face very tough resistance at 61.81 & 61.95 level.
REMARKS:-The long term trend is up therefore I suggest buy on
dip with a stop loss of below 60.89.
Contact me for strategic guidance to enter and
exit the trade
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Thank you for sharing your views.