DOLLAR – Vs –RUPEE---AN UPDATE---27-9-2015

Dollar – Vs –Rupee

 Closed at Rs.66.15 on 25-9-2015.

SUPPORT:-65.85 / 65.55 / 65.24 / 65.05 / 64.38 / 63.88 / 63.64 / 63.24.

RESISTANCE:-66.37 / 66.90 / 67.72 / 68.80 / 71.25.

TECHNICAL   OBSERVATION :-

It looks good and bullish on the technical chart. After making multiple tops in the range of 66.89--66.90 recently it corrected and  now consolidating ,but if it breaks 66.03 mark on closing basis and sustain then it will show some weakness and correct further and break below 65.55 & 65.20 will show potential weakness and if it sustain below it then it may come down to 64.38 / 63.88 level,chances of coming down to these levels looks bleak at this point of time , anyway be alert and remain watchful here , similarly moving up it will face resistance at 66.37 / 66.51 & 66.90 and once if it crosses and sustain 66.90 mark then it may zoom to test its previous all time high of 68.80 very fast. It hangs in balance now therefore watch out the price movement for immediate direction and act accordingly. It is needless to mention here that the long term trend is up.

 REMARKS:-The long term trend is up and it will only be threatened if it breaks below 64.20(it changes every day) and the trend will be in real danger if it breaks below 63.30(it changes every day) and sustain and happening this looks a distant possibility now.   

 Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

  

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.